Cardano has focused its attention on projects which are building on the blockchain. This is because after the launch of smart contracts capability on the network, the next phase was getting developers to deploy their applications on the ecosystem. Cardano, through EMURGO, has invested in a number of startup projects to boost the adoption of the blockchain. The project has set its sights on Africa for a while, a budding hub for cryptocurrency innovation. It plans to give the projects the needed boost to bring their projects to the ecosystem.
EMURGO Invests In African Startups
One of the biggest announcements from the Cardano Summit concluded in September was the $100 million investment in Cardano-focused projects by EMURGO. The commercial arm of the Cardano Foundation had made significant investments into a number of startups that were domiciled in Africa. These startups would receive support in varying degrees, from financial to educational as the need arose.
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Seed investment rounds of companies Milkomeda, ADAVERSE, and Adanian all saw participation from the Cardano network through EMURGO. Some of these projects were incubators for other Cardano-focused projects. While Milkomeda is a dcSpark sidechain that provided a bridge between the Cardano blockchain and other layer blockchain protocols.
Cardano Africa Tour With Hoskinson
Africa has proven itself to be a breeding ground for innovative crypto technology and founder Charles Hoskinson wants to tap into this climate. Putting an end to the two-week social media break which he had announced after the end of the Cardano Summit, Hoskison tweeted his plans for the future.
Hoskinson who had been in Wyoming tweeted that he had returned from the state. His future plans included a tour of Africa, which would begin in South Africa and hit various countries in the continent.
Just got back from Wyoming and I’m ready for this upcoming week. Heading to Africa soon- starting in South Africa all the way up to Egypt. Let’s go change the world together pic.twitter.com/a0qVd2wPd1
— Charles Hoskinson (@IOHK_Charles) October 10, 2021
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The founder announced the plans for the Africa tour, alongside the tweet announcing his vacation. He plans to meet with the startups building on the Cardano network and with help from his team, provide what they might need in way of financial or educational help.
Still Suffering On The Charts
Cardano’s native token ADA has not seen much in the way of positive movement despite news coming out from the project. Momentum remains down for the digital asset, not following the general upward trend of the market.
ADA price struggles to hold above $2 | Source: ADAUSD on TradingView.com
With bitcoin rallying this week, altcoins have moved in tandem with the leading cryptocurrency. Speculations were that the revived momentum in the broader crypto market would provide the push needed to get ADA back to its previous highs. But so far, the asset has not made any significant recoveries. Instead, it continues to struggle to hold above $2, currently trading at a low $2.144 at the time of writing.
Featured image from Currency.com, chart from TradingView.com