Cardano Foundation Releases First Financial Report Outlining Its Investment in 3 Major Areas
Swiss-based nonprofit Cardano Foundation publishes its inaugural Financial Insight report, detailing its investments and assets in 2023. Cardano Foundation made history today by publishing its first Financial Insight report, marking a major step in its commitment to integrity and transparency. This follows the companys Activity Report published earlier this year. https://twitter.com/Cardano_CF/status/1856663641317081530Cardano Foundations 2023 Investment According to the report, the independent foundation invested a total of $19.22 million last year in three core areas: education, operational resilience, and adoption. The report provided an overview of the Cardano Foundations 2023 investment in these sectors. Adoption Investment Of the $19.22 million invested in 2023, Cardano Foundation committed $12.92 million to drive 'Adoption.' This area focused on getting institutions and businesses to use Cardano by creating conditions for utility.Following this investment, the foundation simplified smart contract development on Cardano by launching the open-source programming language Alken. Other notable achievements include optimizing SPO rewards and collaborating with the United Nations and Switzerland on the Global Climate Challenge.Educational Funding It committed $4.18 million to Education, supporting research and educating various stakeholders about blockchain. With this investment, the foundation hosted the Cardano Summit 2023 in Dubai and launched various educational tools, including the Cardano Academy. Investment in Operational Resilience Lastly, it invested about $2.12 million to the Operational Resilience sector. This investment strengthened the infrastructure behind Cardano for institutional-grade use. This resulted in uninterrupted network operation for 2,000 days (more than five years), testing of a decentralized governance mechanism with the University of Zurich and an SPO, and improved interoperability through the support of Valentine's hard fork.Additional Investment In addition to the $19.22 million the organization invested in the above areas, it allocated an additional $4.55 million to central operational costs. This investment helped the foundation expand its capacity to support key initiatives within the Cardano ecosystem. Despite these investments, the Cardano Foundation ended last year with $478.24 million worth of assets. 82.5% of the assets, representing $394.54 million, were in ADA, 10.1% ($48.3 million) in Bitcoin, and 7.4% ($35.38 million) in USD liquidity. In the meantime, the foundation disclosed plans to release the 2024 Activity Report by the first quarter of next year.
Text source: The Crypto Basic
