- The Cardano Foundation’s 2023 report shows $478 million in assets, mostly held in ADA.
- Foundation allocated $19.22 million across focus areas: education, adoption, and network resilience.
- Operational efforts include the Cardano Academy launch, a Dubai summit, and a 2,000-day uninterrupted network.
The Cardano Foundation, a nonprofit dedicated to advancing the Cardano blockchain ecosystem, disclosed assets valued at around $478 million in its 2023 Financial Insights Report released on Nov. 13. The report details the organization’s financial status and spending in key focus areas, underscoring its commitment to transparency and the open-source nature of Cardano’s development.
Source: Cardano Insights Report
The foundation reported that most of its funds are held in ADA, Cardano’s native cryptocurrency, making up 82.5% of its total assets. Additionally, 10.1% is in Bitcoin, with the remaining funds in U.S. dollars. The foundation’s assets stem from an ADA endowment and proceeds from ADA vouchers, totaling $478.24 million as of December 31, 2023.
Core Spending Areas Include Education, Adoption, and Resilience
Of its total funds, $19.22 million was allocated to specific initiatives. The foundation designated $4.18 million for educational programs, aiming to support regulatory understanding and enterprise adoption of blockchain. Efforts in this area included launching the Cardano Academy, as well as hosting the Cardano Summit in Dubai. It also supported blockchain research, particularly to bolster the credibility of digital assets.
Another $12.92 million went toward promoting adoption. The foundation emphasized partnerships with organizations and expanding Cardano’s reach across different sectors to encourage wider adoption of blockchain applications.
Resilience and Operational Spending
The Cardano Foundation reported spending $2.12 million on network resilience, aimed at ensuring the security and reliability of its blockchain. Highlights include running Cardano without interruption for over 2,000 days and testing its decentralized governance at the University of Zurich. Operational costs, including efforts to expand the foundation’s overall capacity, accounted for an additional $4.55 million.
Frederik Gregaard, the foundation’s CEO, stated that the 2023 report reflects Cardano’s dedication to transparency, marking another step forward in strengthening the ecosystem’s long-term impact.
