Cardano chief Charles Hoskinson has announced a $20 million tech ecosystem fund in partnership with Wave Financial Group.
The news which was revealed during the Cardano virtual summit today sees Wave Financial Group become the first venture fund to support the adoption of Cardano within its ecosystem.
Cardano press team further expanded on the partnership in an exclusive newsletter to Newslogical. According to the letter, IOHK would be committing an initial funding fee of $10 million with Waves planning to raise a further $10 million to create the $20 million tech fund.
The tech fund would be disbursed by both parties with a target of $250,000 to $500, 000 yearly. Cardano also revealed that the fund would be accessible to startups and early-stage businesses who build their platforms on the Cardano blockchain platform.
The newsletter also specified that the aim is to ensure that Cardano blockchain solutions are properly utilized and scaled for startups, enterprise and governments to build dApps and defi.
Wave to Benefit from Cardano’s Position in the Cryptospace
Wave is a regulated digital asset fund management and blockchain investment firm with a keen interest on expanding within the crypto industry.
Wave benefits from this partnership as the investment firm would be able to drive its ambition to become a leading digital asset management group within the blockchain industry.
Cardano with its already existing community and users would be able to provide an existing platform for the investment firm to achieve its goals.
Cardano is one of the most respected blockchain platform within the crypto community. It is expected to be the most scalable blockchain project and its popularity is seen in its position on the coin rankings.
Cardano native token ADA is ranked ninth with a market cap of $2.3 billion. As at press time ADA is valued at $0.0090497 with a loss of 1.58% in the last 24 hours. The partnership comes on the hill of an announcement from the IOHK media that Cardano has begun releasing the Shelley code to make Cardano blockchain network more decentralized than ever.