Developers will be able to use the funds to fund projects that are built on Cardano

Cardano (ADA) has received a major boost in the form of a massive investment from EMURGO, a blockchain technology company helping build the Cardano ecosystem.

An announcement from EMURGO says that the firm will invest $100 million into Cardano to help fund projects in the decentralised finance (DeFi), non-fungible token (NFT) and blockchain education fields.

The funds are set to be used under two investment vehicles dubbed Emurgo Africa and Emurgo Ventures. According to EMURGO the two funding platforms have already been working with three Cardano-focused projects, Adanian Labs Adaverse, and Milkomeda.

Adanian Labs, a tech project based in Africa, focuses on startups who want to use the Cardano platform. Adaverse, a venture project that is linked to Everest Ventures, aims to incubate startups from Africa who are using the Cardano network. Milkomeda is the third project. It’s a dcSpark sidechain that allows for interoperability between Layer 1 and Cardano solutions.

The cash injection by

EMURGO into Cardano is a crucial period for smart contract platform after the launch of Alonzo’s upgrade. Cardano is poised to grow as a leading blockchain platform, with key solutions being built on top of the initiatives taken by all members of the ecosystem.

Cardano could be very attractive due to the many projects in DeFi, NFTs, and other areas within the blockchain ecosystem. Investors will likely consider such news as a bullish indicator in the market, which could increase the sentiment about Cardano’s ADA coin.

ADA currently trades at $2. 08 across exchanges, with the cryptocurrency’s market cap of $66.7 billion ranking Cardano third among the largest blockchain platforms. Ethereum (ETH) and Bitcoin are the top two.