Wave Financial launches ADA Yield Fund

Wave Financial launches ADA Yield Fund
фото показано с : invezz.com

2022-3-30 16:27

Wave Financial LLC, a SEC-registered digital asset investment management company, has launched the Wave ADA Yield Fund, Invezz learned from a press release. It aims to provide millions in liquidity to support new DeFi platforms in the Cardano (ADA/USD) ecosystem, beginning with $100 million.

On a mission to support promising entrepreneurs

The new fund reflects Wave’s mission to foster more significant innovation in the overall crypto ecosystem and support promising entrepreneurs within the crypto space beyond the early stage. David Siemer, CEO of Wave Financial commented:

We’re thrilled to continue breaking ground in the field of cryptocurrency through the creation of innovative new funds, and today we are launching what we believe is the first pure liquidity provisioning fund in crypto. 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.

Charles Hoskinson also commented on the announcement:

Since the formal launch of smart contracts in 2021, the Cardano community has launched and funded hundreds of companies building on the Cardano blockchain. Cardano’s growing ecosystem is hosting an ever-expanding universe of applications supporting significant numbers of active users – it’s critical for the success of the ecosystem that Cardano-based projects thrive, and so we are pleased that the ADA Yield Fund is committing substantial financial resources to facilitate continued growth and market acceptance.

DeFi dApps are the most popular in crypto

DeFi dApps have always been among the most popular in the space, attracting users and bringing new applications on-chain. DEXs are typically set up with two pools of assets representing the trading pairs. Counterparties trade against them when they want to transact on either side of the pair.

The purpose of the ADA Yield Fund is to provide liquidity to these pools as a way of supporting DEXs on Cardano. Similar support will be available to DeFi lenders to augment liquidity, thereby alleviating lending.

Global blockchain company and VC fund EMURGO is among Cardano’s early supporters. Ken Kodama, its founder and CEO said: 

EMURGO is excited to support the creation of this valuable ADA Yield Fund to further drive expansion and adoption of Cardano’s quickly developing DeFi ecosystem. Providing strategic capital resources through the fund will help talented entrepreneurs and projects to build essential DeFi services on Cardano, ultimately delivering impactful solutions and onboarding more users to the global Cardano community.

The post Wave Financial launches ADA Yield Fund appeared first on Invezz.

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ada wave fund yield financial support millions

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