Cardano's Genius X ISPO Acceleration Program Receives $105M in ADA

Genius X, a Cardano-based Launchpad and Accelerator platform designed to support creative Cardano start-ups and projects, brings more than $105 million in Cardano (ADA) allocated to its inaugural stake pool offering (ISPO).

The news arrived after Genius X’s decentralized AMM and liquidity management protocol Genius Yield concluded its ISPO at the beginning of May.

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The managing partner of Genius Yield Dr. Sothy Kol-Men stated that the significant interest in the ISPO is encouraging considering the recent fortnight's developments in the crypto environment, which have been overshadowed by the massive fall of DeFi platform Terra and the algorithmic stablecoin. He added:

"This is an endorsement from our community and investors that we are on the right path, building and releasing the necessary foundation to accelerate growth, support ambitious projects planning to leverage Cardano's unique smart contracting architecture, and indeed, further promote adoption."

Genius X investors will get GENSX in exchange for delegated ADA placed in the accelerator's ISPO's four staking pools, including GENS1, GENS2, GENS3, and GENSX.

The platform will offer prospective blockchain entrepreneurs the necessary tools, financing, and consulting services to assist them in establishing blockchain-based firms within the crypto world. 

The fundraising strategy has increased in popularity since investors retain control over their designated contributions to a specific project.