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Cardano's financial arm, Emurgo, will invest $100 million in the development of decentralized finance-based products for the ecosystem.
Emurgo will spin two subsidiaries for this task, with the first dubbed Emurgo Ventures focusing on providing seed funding to companies that use the Cardano blockchain in their product development.
The startups' products could include NFT platforms and decentralized finance platforms that would take advantage of the Cardano blockchain's newly developed capabilities.
The second subsidiary called Emurgo Africa would provide seed funding for three hundred startups who would make Cardano one of the most used chains in the continent.
This funding will prioritize projects that use Cardano to provide socially impactful solutions over other kinds of projects.
Cardano’s representatives intend to harness Africa's potential in adopting cryptocurrency-based solutions, as the region suffers from financial inefficiencies, and has a large percentage of unbanked residents.
