TL;DR
- The Cardano Foundation presented its first financial report, detailing the allocation of resources and achievements in key areas for 2023.
- The organization allocated $19.22 million to operational resilience, education, and adoption, in addition to $4.55 million for central operating expenses.
- A new report is expected in the first quarter of 2025 to assess progress in transparency and expansion of the blockchain platform.
The Cardano Foundation has released its first financial report, presenting a detailed analysis of the distribution of its resources and achievements over the past year. The foundation seeks to deepen transparency and community engagement, which are central aspects of its mission to establish its blockchain as a global public digital platform.
Frederik Gregaard, CEO of the Cardano Foundation, emphasized that this report is crucial to the platform’s accountability. With a team now exceeding 100 employees in 25 countries, the foundation works in collaboration with institutions, companies, and governments to develop solutions that integrate blockchain technology into both traditional and emerging sectors.
How Were the Funds Distributed?
In 2023, the Cardano Foundation allocated a total of $19.22 million to three key areas: operational resilience, education, and adoption. Additionally, it dedicated $4.55 million to central operating expenses to strengthen its capacity to drive strategic initiatives. In terms of resources, the report also reveals that, as of December 31, 2023, the foundation’s assets amounted to $478.24 million. Of this, 82.5% was held in ADA, 10.1% in Bitcoin, and the remainder in U.S. dollars, with most of these funds coming from an initial ADA endowment and ADA voucher issuance.
The Pillars of Cardano
As part of its operational resilience goal, $2.12 million was invested in enhancing the Cardano infrastructure, allowing the network to operate without interruptions for over 2,000 days. The foundation also conducted tests of decentralized governance mechanisms and supported the Valentine hard fork, which improved the network’s interoperability.
In the educational sphere, $4.18 million was allocated to projects that promote regulatory clarity and strengthen enterprise adoption, with notable initiatives including the launch of its own academy, the Cardano Explorer, and the hosting of the 2023 Summit in Dubai.
Adoption, another strategic pillar of the Foundation, received $12.92 million for initiatives that promote the use of its blockchain in various business and institutional applications, providing tools like Identify Wallet and Ledger Sync, as well as fostering collaborations with Switzerland’s Global Impact Challenge.
The foundation has announced that the next activity report will be published in the first quarter of 2025, offering a comprehensive evaluation of initiatives and progress achieved in 2024.
