Emurgo, a Singapore-based Cardano development lab, through its founder Ken Kodama, told CoinDesk on the sidelines of the current Token 2049 conference on Thursday that it will spend more than $200 million to assist the ecosystem’s growth over the next three years.
Emurgo, a founding member of the Cardano protocol, creates goods, services, and software programs that aid in the expansion of the network.
The funds, which come from Emurgo’s own money, will be given to projects that are directly built on top of Cardano as well as to projects from other networks that are developing goods that combine Cardano’s network with their own.
Cardano Now Equipped to Safely Scale and Grow the Network in the Coming Years
According to Kodama, Emurgo’s African investment program will allocate $100 million for investments in Africa. He clarified that the use of lending and borrowing crypto services intended for daily life, as opposed to speculative motives, was a key growth driver in the region.
In comparison to other networks, Kodama acknowledged that the Cardano network’s growth had been rather modest. He did, however, emphasize that Cardano was now equipped with the infrastructure required to expand and scale the network in the ensuing years safely.
The long-awaited Vasil hard fork went live for Cardano earlier this month. The fork will enable the usage of decentralized applications (dapps), or applications that run on a blockchain system without a central administrator, and smart contracts on the network.
Prior until now, the blockchain networks Near and Avalanche have established their own ecosystem funds to aid in the expansion and advancement of their networks.