Wave Financial Launches $100 Million ADA Fund to Bolster Cardano DeFi Ecosystem Growth
The SEC-regulated digital asset management company Wave Financial unveiled – the “Wave ADA Yield Fund” with an initial amount of $100 million.
The exec said that the new fund will support the new decentralized exchanges, lending protocols, and stablecoin issuers building on top of Cardano.
Wave ADA Yield Fund
According to the official blog post, the main aim of the ADA Yield Fund is to provide liquidity and other resources to Cardano’s increasingly growing decentralized finance (DeFi) platform startups and also foster innovation in the overall crypto ecosystem.
David Siemer, CEO of Wave Financial, stated,
“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.”
Lon Angeles-headquartered investment firm Wave Financial LLC is registered as an investment adviser with the US Securities and Exchange Commission and provides institutional and private wealth digital asset management solutions. It also offers managed accounts for high-net-worth individual and family offices that are looking for customized digital asset exposure, treasury management services, early-stage venture capital, and strategic consultation to the digital asset ecosystem.
Following the development, Charles Hoskinson, founder of Input Output, commented,
“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.”
Cardano’s Institutional Demand
Cardano had been once referred to as a “ghost chain.” But the latest stats reveal that large transaction volume on the network is exploding.
This evidenced the increasing institutional demand. The latest data from the crypto analytic platform, IntoTheBlock, revealed that the number of large transactions (transactions denominated in ADA token valued at more than $100k) on the blockchain has scaled up by over 50x this year, moving over $69 billion. This represented 99% of the total on-chain volume.
