The Cardano Foundation has released its first financial report detailing its expenses and assets for the year 2023.
What Does the Cardano Foundation Report Reveal?
According to the data, Cardano Foundation's total assets amounted to $478.24 million at the end of 2023, with 82.5% held in ADA. The organization spent $23.7 million on operations, education, and adoption, with $4.55 million allocated to central operational activities.
Asset Structure of the Cardano Foundation
As of December 31, 2023, the foundation's assets were composed of 82.5% ADA and 10.1% BTC, with the remainder in USD. It is noteworthy that BTC's value increased by 109%, while ADA's value declined by 9%.
CEO's Commentary
Cardano Foundation's CEO, Frederik Gregaard, highlighted the importance of transparency and accountability in the allocation of resources. 'This report represents a natural evolution of our open source philosophy, where transparency is not just a concept, but a core principle we wholeheartedly embrace,' stated Gregaard.
The financial report of the Cardano Foundation underscores its commitment to transparency and responsibility in managing its resources. The foundation continues to play a pivotal role in advancing Cardano as a public digital service across various industries.
