Wave Financial Launches $100M Fund for Cardano DeFi Ecosystem

Wave Financial has launched a new fund dubbed the Wave ADA Yield Fund to help support new decentralized finance (DeFi) projects being built on the Cardano network.

Wave Financial Launches $100M Fund

Wave Financial Group is a US SEC-regulated digital asset management firm that has been investing in cryptocurrency since 2016.

The company has created a $100 million initial fund to provide liquidity to support new DeFi platforms launched in the Cardano ecosystem.

The management firm said it will be using the Wave ADA Yield Fund to provide liquidity to pairs of pools to support Cardano’s decentralized exchanges (DEXes). Wave Financial also plans a form of support to enable liquidity to facilitate lending for DeFi lenders.

David Siemer, CEO of Wave Financial, shared his excitement about the new funding. He said the company is happy as it continues to invest in the field of cryptocurrency. 

“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,” Siemer said.

Charles Hoskinson, founder of Input Output, a software technology company that has been an early supporter of Cardano, noted how the Cardano community has enabled the growth of hundreds of companies building on the Cardano blockchain since 2021. He also spoke on the benefits of this new project.

“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,” he said.

The new WAVE ADA Yield Fund serves as an extension of Wave Financial’s mission in supporting investors within the crypto space. The company said it would continue to support and expand stake pools to strengthen the Cardano network.

Crypto Funding Becomes Widespread

In recent times, many corporations and venture capitalists have continued to invest in cryptocurrency and blockchain startups, as they have seen the potential of the crypto space.

Coinfomania reported last month that Polygon raised $450 million in a funding round to boost its network adoption. 

Earlier today, crypto financial services firm Blockchain.com hit a market valuation of $14 million after raising an undisclosed amount from investors.