• Fri. Jul 12th, 2024

Cardano (ADA) Allocates $100M for NFT & DeFi Development – A Boost for $ADA?



Sep 29, 2021

Emurgo, Cardano’s financial branch, allocated $100M to fund developments of NFT and the DeFi ecosystem. With this monetary boost, Cardano might dominate the incoming NFT and DeFi projects. Keep in mind that ADA started supporting ‘smart’ contracts after the Alonzo upgrade.

Ken Kodama, Emurgo’s CEO, revealed their goals to develop the Cardano network like never before. The executive declared their motives to cater to the global community as the crypto sees increased acceptance. The firm directs the funding to two initiatives with different focuses. That will help Cardano’s network to expand with higher exposure. Emurgo Venture will allocate the initial investment funds to new projects using the Cardano platform.

The second one, entitled Emurgo Africa, will focus on projects based in Africa. Cardano CEO Charles Hoskinson already declares his partnership with Paul Oakenfold, a legendary musician, to launch his album on Cardano’s platform as an NFT. The executive trusts that Cardano will dominate the market with its new features after DeFi era regulation with its cross-chain and scalability support.

Cardano Consolidates, Waiting for a Breakout

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$ADA consolidates below $2.2 over the past few weeks due to the recent crypto retracement cause by PBOC’s ban and a bearish September. For now, the altcoin holds its support at $2.10. Failure to maintain the level will see Cardano hitting $2.0. Market experts expect the coin to bounce and rally. Also, some analysts foresee the increased development in the blockchain to push the asset’s price higher.

The alternative coin attained a record peak at $3.10 when waiting for the Alonzo update. However, $ADA failed to record similar moves since then. For now, market experts trust that Cardano will explode past its prevailing record high.

On the other crypto news, Elon Musk urged the government to let crypto fly. The Tesla CEO moves the market once more, defending the crypto market on regulation. During the LA CodeCon event, the executive answered several questions on cryptocurrency.

With the positive developments surrounding the crypto market, the assets have a higher rallying probability. Such actions will help Bitcoin and altcoins, including Cardano, to rally higher.

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