SINGAPORE FEBRUARY 25 2022 / EMURGO Ptd. Ltd. – EMURGO – the official commercial arm and a founding entity of the Cardano blockchain – announced today an investment in Fourier Labs, a Cardano interoperability solutions provider, through its investment subsidiary EMURGO Ventures. EMURGO Ventures is one of EMURGO’s main investment subsidiaries managing its $100 million Cardano ecosystem investment vehicle launched last quarter.
The investment will enable Fourier Labs to raise strategic capital to build Fourier Protocol, which is an interoperable, Ethereum Virtual Machine (EVM)-compatible solution on Cardano to accelerate the migration of EVM-based projects into the Cardano ecosystem and further boost adoption of Cardano’s Plutus-based applications that lack an interoperable scaling solution.
This will allow both Cardano’s Plutus-based smart contracts and EVM Solidity-based smart contracts to be fully deployed on Cardano, thereby strengthening decentralized application (dApp) and user adoption of the Cardano ecosystem through Cardano’s inherent lower transaction fees, higher scalability, and security.
“Fourier Labs has a strong team with a value-driven proposal for driving dApp and user adoption of Cardano’s green, third-generation blockchain by making it simpler for established projects to migrate to Cardano and new ones to start building on Cardano. EMURGO Ventures firmly supports the potential capabilities of Fourier Labs to deliver valuable utility to the Cardano ecosystem through their innovative solutions,” said EMURGO Ventures CEO Ken Kodama.
“The Fourier team is thrilled to partner with EMURGO Ventures and Cardano Foundation to implement a Haskell-programmed, high performance, native EVM on Plutus of Cardano, the first industry solution to process account-based transactions on an Extended Unspent Transaction Output (eUTXO) ledger. This state-of-the-art innovation would help scale the Cardano network and ecosystem by providing a developer friendly software environment and sleek dApp user experience,” said Fourier Project Lead Tan Zhao.
In particular, the surging adoption of decentralized finance (DeFi) offers a prime use case for interoperability solutions. Decentralized exchanges (DEX) are the main user onramp for DeFi usage, but many currently hamper users with exorbitant transaction fees. With reduced transaction fees as a built-in feature of Fourier Labs’ interoperability solutions, this opens up many possibilities for EVM projects to easily migrate to Cardano via Fourier Protocol.
Currently, there is more than $200 billion in TVL (Total Value Locked) across all major DeFi protocols, according to data providers, a 240%+ increase in just two years.
About EMURGO
EMURGO is the official commercial arm of Cardano and provides socially impactful solutions to solve some of the most intricate problems of organizations. As a founding entity of the Cardano protocol, EMURGO is able to leverage its abilities for large-scale blockchain development and rapid solutions deployment to benefit its global clients.
EMURGO has offices in Singapore, India, and Indonesia, and a roster of global clients & partners. To connect and learn more, visit https://dev.indonesia.emurgo.io.
About EMURGO Ventures
EMURGO Ventures is a wholly owned investment subsidiary of parent company EMURGO Ptd. Ltd. and invests into a variety of Cardano-focused startups and middleware solutions companies.
About Fourier Labs
As the developer of Fourier Protocol, Fourier Labs was established in 2021 by a team of experienced engineers and entrepreneurs with a vision to support a decentralized, permissionless and open economy, by empowering integrated blockchain ecosystems and networks through technology innovation. To connect and learn more, visit https://fourierlabs.io
