The Cardano Foundation, a nonprofit organization advancing the Cardano ecosystem, reported assets totaling approximately $478 million in 2023.
On Nov. 13, the Cardano Foundation published its 2023 Financial Insights Report, which aims to provide transparency on how the organization had used its funds in core focus areas like education, adoption and resilience.
Cardano Foundation’s key focus areas. Source: Cardano Foundation
Cardano Foundation CEO Frederik Gregaard said the report reflects the organization’s open-source philosophy and commitment to transparency.
Cardano assets amounted to $478 million in 2023
According to the financial summary of the report, the Cardano Foundation reported that it held assets worth $478.24 million as of Dec. 31, 2023.
The report states that 82.5% of the funds were held in Cardano’s (ADA), while 10.1% were held in Bitcoin (BTC). The rest of the funds were in United States dollars. The funds came from an initial ADA endowment and proceeds from ADA vouchers.
The nonprofit also reported allocating $19.22 million across its three key focus areas. Additionally, it spent $4.55 million on operational costs to expand its capacity to advance its initiatives.
The foundation reported that $2.12 million was spent on operational resilience. It highlighted that this core focus includes “all efforts to improve Cardano’s suitability and recognition as an infrastructure component of institutional-grade use cases.”
This includes the durability and reliability of the network. As a result, the nonprofit reported that it had run the network without interruption for over 2,000 days, tested its decentralized governance mechanism at the University of Zurich and supported the Valentine hard fork.
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When it comes to education, which received $4.18 million, the Cardano Foundation said that it had worked to provide reliable information to support regulatory clarity, contributed to blockchain research and encouraged adoption on enterprises.
More specifically, it launched the Cardano Academy, Cardano Explorer and the Let’s Talk webinar. It also mentioned its 2023 Dubai event, Cardano Summit, as part of its expenses.
Meanwhile, the foundation said that adoption — another core focus for the organization — received $12.92 million in funding.
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