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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 company’s Activity Report published earlier this year.
The Cardano Foundation’s Financial Insights Report 2023 is here! 📊
This report highlights our commitment to transparency and details investments in operational resilience, education, and adoption to strengthen the Cardano ecosystem. 🌐
Read the report: https://t.co/AzaFHJJlkY pic.twitter.com/U8CYPTft4L
— Cardano Foundation (@Cardano_CF) November 13, 2024
Cardano Foundation’s 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 Foundation’s 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.