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Cardano receives $ 100 million in funding for its DeFi and NFT projects



The funds will help developers implement projects that are based on Cardano

Cardano (ADA) has received a huge boost from a massive investment from EMURGO, a blockchain technology company that is helping build the Cardano ecosystem.

An announcement from EMURGO said the company will invest $ 100 million in Cardano to fund projects in the areas of decentralized finance (DeFi), non-fungible tokens (NFT) and blockchain education.

The funds are part of two investment products with the names Emurgo Africa and Emurgo ventures are used . According to EMURGO, the two financing platforms are already working together on three Cardano-focused projects: Adanian Labs, Adaverse and Milkomeda.

Adanian Labs is an Africa-based tech project focused on startups looking to build on the Cardano platform. Adaverse is a venture venture associated with Everest Ventures that aims to nurture startups across the continent that build on the Cardano network. The third project, Milkomeda, is a dcSpark sidechain that enables interoperability between Cardano and Layer 1 solutions.

The cash injection from EMURGO for Cardano comes at an important time for the smart contract platform after the introduction of the Alonzo upgrade. The initiatives being pursued across the ecosystem will strengthen Cardano as a key blockchain platform on which to build critical solutions.

The many projects pending in DeFi, NFTs and other sectors within the blockchain ecosystem could make Cardano very attractive. In the meantime, investors in the market are likely to discount such news as a bullish marker, adding to general sentiment towards Cardano's ADA coin.

ADA is currently trading around $ 2.08 on the exchanges, with the cryptocurrency's market capitalization of $ 66.7 billion putting Cardano third among the largest blockchain platforms. Ethereum (ETH) and Bitcoin are the two front runners.

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