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DeepDAO Lifted $3 Million in Funding for Future Expansion

  • DeepDAO has raised funds in a round led by Hypersphere and DFG.
  • DAO treasuries have increased to 300% since November.
  • This fund is for future expansion.

DeepDAO raised a fund of $3 million in a round led by venture capital firms Hypersphere and DFG.

Moreover, DeepDAO is a data collecting website on a decentralized autonomous organization (DAO). At present, DeepDAO v1 data for over 100 DAOs, which gather information on the treasury, membership, and governance.

In addition, DeepDAO has 66,000 members as well as $587 million in assets under management (AUM). AUM has dropped 46% from over $1 million because of the crypto market collapse recently. Despite this, DAO treasuries have increased to 300% since the start of November.

Furthermore, the firm uses this fund for expansion like integrating DAOs from additional networks, data coverage, and adding governance tools. DeepDAO founder and CEO, Eyal Eithcowich predicts that the DAO’s total AUM might surpass $10 billion at the end of 2021, with over one million users. He also states:

“We focus on providing social features and services that enable a transparent and proactive community to catalog all of these governance systems across multiple chains and platforms, as well as explore and analyze them as a larger ecosystem. I’m determined to do it.”

Besides, the Founder advisor of DeepDAO and Bitfwd Capital Chairman, Daniel Bar expresses that the platform would provide a better user experience and social media forums. Although DAO had exponential growth in the past year, Bar identified quite a few challenges for the nascent sector, which include identification, standardization, and a steep learning curve.

More so, users can control decentralized protocols, but we need high-quality tools to unlock transparency and inclusivity. Besides, many think that DAO is a vague concept.

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Anshu

A devoted content specialist who is inquisitive on exploring crypto and blockchain technology. She is fond of providing innovative contents that tugged her to write for NewsCrypto.

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