EMURGO $ 100 Million Investment in Cardano DeFi Network
The blockchain company EMURGO, which is Cardano’s trading arm, has announced plans to invest $ 100 million in Cardano’s DeFi
network. This huge budget will be spent on strengthening user acceptance and other solutions. This news was announced at the Summit 2021 conference.
EMURGO CEO Ken Kodama tweeted this. This tweet states:
We will invest $ 100 million in the Cardano network to accelerate the development of decentralized financial solutions, irreplaceable tokens and blockchain training.
He further added:
For information on the conditions for receiving the budget and getting to know the management team, please contact us. EMURGO intends to launch a special operation in this field from 2022.
DeFi popularity for Cardano and the currency code community
DeFi is a financial network based on smart contracts and complex programming that provides peer-to-peer financial services to users. Early uses of defai included lending and decentralized business, but these services have expanded over time to include microfinance and self-paying loans.
Most of DeFi’s current activities focus on Ethereum Blockchain, Solana, Avalanche, and Binance Intelligent Chain (BSC). Now it is Cardano’s turn to join the audience with the launch of its first smart contract.
Apart from Cardano, other similar projects such as Algrand, Fantom and Kava are trying to gain a share of this booming market by developing and thriving their DeFi protocols.