Cardano (ADA) reached the milestone of 3.9 million wallets and will invest 200 million in its boosting its ecosystem


On Thursday, Ken Kodama, founder of Cardano development lab Emurgo, told the media that the company would invest more than $200 million to fuel the growth of the ecosystem over a 3-year period. Kodama revealed this during the ongoing 2049 token conference. As the founding entity of the Cardano protocol, Emurgo creates products, applications and services that promote the growth of the network.

Emurgo will finance projects that are based on the Cardano network and projects from other networks whose products are integrated into the Cardano network and their own. Kodama added that the funds come from Emurgo’s capital and that the company has set aside $100 million to invest in projects in Africa under its Africa investment program. According to him, the use of crypto services for lending and borrowing purposes for everyday life as opposed to speculative purposes was a key driver of growth in the region.

The founder of Emurgo admitted that the growth of the Cardano network has been slow compared to other networks. But he added that Cardano now has the necessary infrastructure to expand safely, and the network will grow significantly in the coming years. Last week, the highly anticipated Vasil update for Cardano went live.

The update will allow decentralized applications (DApps) and smart contracts to run on the network without a central administrator. Cardano joins the Near and Avalanche networks to implement a similar method to fuel the growth of their networks. While the founding entity of Cardano provides the funds to expand the development of the network, the Near and Avalanche ecosystem provides the funds to enhance the growth of their networks.

Cardano adoption continues to grow

Meanwhile, the network continues to see increased adoption as the number of ADA-enabled wallets surpassed 3.9 million, according to data from on-chain analytics platform Messari. The data also shows that more than 2,800 wallets have at least 1 million ADA tokens. Thus, it indicates that Cardano has more whales than most of its competitors, probably because of its low price.

Usually, the increase in the number of wallets holding a token indicates a growth in the ecosystem, and this is no different for Cardano and ADA. Additionally, BitBank (a Tokyo-based crypto trading platform) confirmed via a tweet earlier in the week that it would be listing Cardano’s native token (ADA on its platform).

The platform added that the ADA/JPY pair would be available for trading in the first week of October. Per the announcement, the exchange will start accepting “interest lending” applications with Cardano when it lists ADA on the platform. Interest lending is a service where customers can enter into a loan agreement with a cryptocurrency exchange and earn cryptocurrency at a specified rate annually.

The various developments in the Cardano ecosystem have not yet positively affected the price of ADA. ADA price is down 1.9% in the last 24 hours and is trading at $0.4236, according to the latest data.

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