Wave Financial, an SEC-regulated digital asset management firm, has recently launched the “Wave ADA Yield Fund” worth $100 million.
The new fund was intended to promote the development of new Cardano-based decentralised exchanges, lending protocols, and stablecoin issuers.
The $100M Wave ADA Yield Fund
The official blog post of Wave Financial says that the ADA Yield Fund’s primary objective is to give liquidity and other resources to Cardano’s decentralised finance (Defi) platform startups and stimulate innovation throughout the crypto ecosystem.
David Siemer, CEO of Wave Financial, voiced that the company is pleased to pioneer cryptocurrencies by creating innovative new funds. It is currently establishing the first pure liquidity provisioning fund in the crypto world.
Wave Financial LLC, located in Los Angeles, is an SEC-registered investment advisor that offers institutional and private wealth digital asset management solutions. Additionally, it provides managed accounts for high-net-worth people and family offices seeking bespoke digital asset exposure, early-stage startup funding, treasury management services, and strategic consulting services in the digital asset ecosystem.
Following the launch, Input Output’s founder Charles Hoskinson stated that Cardano’s expanding ecosystem is home to an ever-growing universe of applications with many active users. He added that Cardano-based projects need to flourish for the ecosystem’s success, and the Wave ADA Yield Fund is allotting vital financial resources to boost the increasingly growing development and market acceptance.
Institutional Demand for Cardano
Cardano was once regarded as a “ghost chain”, but recent statistics indicate that the network’s transaction volume has been surging and many Cardano holders expect ADA to surpass $5 this year.
This demonstrated growing institutional demand. The crypto analytic platform IntoTheBlock has lately pointed out that the number of big transactions (those denominated in ADA tokens with a value of over $100k) on the blockchain has surged by more than 50x this year, reaching more than $69 billion. This accounted for up to 99% of the entire on-chain volume.