Wave Financial Launches $100 Million Fund to Support Cardano Decentralized Finance Ecosystem.
ANNOUNCEMENT: As the #Cardano ecosystem continues to grow, @wave_financial is launching a new $ADA yield fund to support growth of the Cardano DeFi ecosystem, with support from @InputOutputHK & @emurgo_io.
Find out more here:https://t.co/urblwwbbD8
— Input Output (@InputOutputHK) March 30, 2022
Canadian-based fintech company Wave Financial, which provides financial services for SMEs, has announced the launch of a $100 million fund as part of efforts to support the growth of the Cardano decentralized finance (DeFi) ecosystem.
According to an official announcement today, the fund dubbed the ADA Yield Fund is launched to provide financial support worth millions of dollars for new decentralized finance platforms on the Cardano ecosystem.
The company, which received significant support from both Cardano’s IOHK and blockchain company EMURGO, said it has committed an initial $100 million toward the project.
Speaking about the groundbreaking development, David Siemer, CEO of Wave Financial, described the fund as the first pure liquidity provisioning fund for the global DeFi ecosystem, adding:
“Our new fund will support the new decentralized exchanges, lending protocols, and stablecoin issuers building on Cardano. Each of these decentralized applications adds to the strong foundation of the Cardano blockchain as it realizes a fully functional and diverse ecosystem.”
Notably, the newly launched DeFi fund further confirms Wave’s mission to provide financial support for promising cryptocurrency entrepreneurs to foster better innovation in the entire industry.
Charles Hoskinson, CEO, and founder of Cardano noted that the blockchain project alongside its community has launched and funded several DeFi projects since its smart contract functionality was enabled in late 2021.
He added that it is important that Cardano-based dApps succeed, adding that the fund will contribute immensely to facilitating the continued growth and market acceptance of the blockchain’s DeFi ecosystem.
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