The Cardano Foundation, the nonprofit organisation that backs the Cardano blockchain, spent $15 million on initiatives aimed at boosting network usage across applications such as ballistic identification systems and a splashy football partnership with Barcelona FC.
Those initiatives represent the foundation’s most considerable expense last year, according to its financial insights report for 2024 released on Thursday, which offered a rare glimpse into the organisation’s finances.
Its total spend notched just over $29 million.
“The focus is on maintaining a sustainable balance between costs and income while maximising impact for the broader ecosystem,” Frederik Gregaard, CEO of the Cardano Foundation, said in a statement.
The report comes eight years after Ethereum co-founder Charles Hoskinson founded and launched Cardano. Despite Hoskinson’s star power and a cult-like following, the blockchain has struggled to achieve the same level of adoption as its peers.