ContributionDAO goals to boost its world neighborhood and enhance its footprint within the Southeast Asia blockchain market.
Crypto staking platform ContributionDAO has secured $2.8 million in seed funding to bolster its operations and increase its presence within the blockchain business.
Based on a press launch shared with Coinspeaker, the funding spherical, which concluded in December 2023, was led by KASIKORN X Enterprise Capital (KXVC), the $100 million enterprise capital arm of KASIKORNBANK (KBANK), Thailand’s largest industrial financial institution.
The funding agency was launched final yr in September to assist startups within the fields of synthetic intelligence (AI), Web3, and monetary know-how (Fintech).
ContributionDAO Enlargement Plans
ContributionDAO stated the seed spherical noticed different contributors, together with founders of main crypto corporations, in addition to enterprise capital firms like Axelar, Monad, and Connext, together with undisclosed angel traders.
The funding might be used to develop new institutional-grade staking options tailor-made for the Asian Pacific area.
Moreover, ContributionDAO goals to boost its world neighborhood and enhance its footprint within the Southeast Asia blockchain market.
The decentralized finance (DeFi) protocol additionally plans to bridge totally different blockchain initiatives to Southeast Asia via its node and neighborhood administration answer.
Non-custodial Staking Companies
A part of the $2.8 million funding can even facilitate the growth of ContributionDAO’s non-custodial staking companies. The transfer goals to place the decentralized platform as a frontrunner in institutional staking, providing safe, compliant, and progressive options to satisfy the rising wants of the blockchain sector.
Along with the non-custodial staking, accredited traders can even acquire entry to liquid staking to allow them preserve flexibility and liquidity of their property whereas taking part in staking.
Based on the protocol, institutional traders in Southeast Asia will profit from participating in staking actions with out compromising on safety or regulatory compliance.
ContributionDAO stated it addressed investor dangers via its slashing protection answer, minimizing potential losses and guaranteeing the security and safety of their funds.
Enhance Group Administration
Jom Vimolnoht, the managing director of KXVC, expressed pleasure about collaborating with ContributionDAO, highlighting the platform’s established capabilities and its observe file of contributing to numerous world initiatives.
“We’re excited to work with ContributionDAO to assist them within the journey of making new innovative Staking options, and neighborhood administration instruments that bridge world to native Southeast Asia market,” he stated.
As of January 2024, the platform had already made vital contributions to varied world blockchain initiatives, together with Axelar, Sui, Celestia, and Sei community, increasing its footprint within the crypto economic system.
ContributionDAO is at the moment growing ProofSquare.xyz, a novel neighborhood infrastructure suite. This platform affords good automation and a digital assistant designed to streamline the administration of world communities with only a few clicks.
It’s anticipated that the brand new enterprise will enhance the protocol’s neighborhood administration whereas additionally growing its attain and companies.
To date, the platform boasts over 10000 neighborhood contributors and traders with round $400 million in property beneath administration in its node staking program.
