Cardano Foundation publishes financial report 2023, reveals expenses in 3 main areas

The Cardano Foundation, the non-profit organization behind the Cardano ecosystem, has released its financial report for 2023, detailing its spending in three main areas. In particular, the Financial Information Report is the foundation’s first and is part of its efforts to maintain the principles of transparency and openness.

According to the report, the Cardano Foundation primarily spent most of its funds in three areas: adoption, education, and operational resilience. This document complements the 2023 Activity Report that the organization published earlier this year.

Cardano spent $23.77 million last year

According to Cardano Foundation disclosures, it spent a total of $23.77 million across its three focus areas. The organization spent $2.12 million on operational resilience, $4.18 million on education, $12.92 million on adoption and $4.55 million on core operating costs.

The $2.12 million earmarked for operational resilience was spent on improving Cardano’s suitability, reliability and durability as an infrastructure for institutional-grade use cases. The foundation ran the network for over 2,000 days without interruption, supported the Valentine hard fork, refined stake delegation, and tested new decentralized governance mechanisms.

On the education front, the Cardano Foundation supported research, promoted discussion and debate, explained blockchain concepts to stakeholders, and provided reliable information to support regulatory clarity. Additionally, the organization launched the Cardano Academy, hosted the Cardano 2023 Summit in Dubai, and facilitated the Let’s Talk Cardano webinar.

The adoption area received the most funding as Cardano sought to create the conditions for increased utility and advanced tools to develop new use cases. The foundation released an open source programming language to simplify the development of smart contracts and developed new solutions such as Identify Wallet and Ledger Sync.

Scale diversity and quality

In addition, the Cardano institution focused on scaling the diversity and quality of network activities. It ensured that the chain had a balanced mix of legacy and blockchain-native use cases.

At the end of 2023, the Cardano Foundation’s asset value was $478.24 million: 82.5% in the network’s native token ADA, 10.1% in bitcoin, and the rest as liquidity in the US dollar.

“This report highlights the importance of accountability, revealing the allocation of our resources and how they help advance Cardano as a public digital utility across a wide range of industries. We have more than 100 employees working with institutions, companies, regulators and policymakers to solve social and business challenges in new ways in 25 countries,” said Frederik Gregaard, CEO of the Cardano Foundation.

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