Wave Financial LLC (Wave), a digital asset management company has announced a $100M fund for Cardano Ecosystem. The SEC-regulated company is funding in the blockchain to provide maximum liquidity in support of new decentralized exchange services based on Cardano.
According to the Wave Executives, the new funding will look after decentralized finance services (DeFi), lending protocols, and stable coin issuers build on the Cardano blockchain.
After the huge success of the Alonzo hard fork, which is a smart contract built on Cardano that allows developers to create decentralized applications (dApps). Alonzo does provide easy access to mint non-fungible token (NFT) also on dApps. More application developers are now turning to Cardano given the success rates are quite high.
“Since the formal launch of smart contracts in 2021, the Cardano community has launched and funded hundreds of companies building on the Cardano blockchain,” said ,Charles Hoskinson, Input Output Founder
Now almost every day, Cardano is in the news with one or the other interesting updates. Very recently, Milkomeda Foundation announced its Layer-2 solution C1 for Cardano. Now the interoperability becomes easy for the users to move their assets between blockchains.
CEO David Siemer at Wave believes that each decentralized application is the building block of a strong foundation in the Cardano Ecosystem. Nevertheless, dApps and DEX (Decentralized Exchanges) have been popular and fast-growing users enabling crypto products. Wave will be using the ADA Yield Fund to facilitate liquidity in the decentralized exchanges on Cardano.
On the whole, Frederik Gregaard, CEO of Cardano Foundation concludes that Wave ADA Yield Fund along with Wave Financial Team will fund more and more entrepreneurs in the expanding crypto ecosystem.