Multichain DAO builder XDao has secured $2.3 million in a seed round with a value of $50 million.
XDao, a firm that assists DAOs in expanding across several blockchain networks has secured $2.3 million in a seed round at a value of $50 million.
The CEO, Vlad Shavlidze, provided a list of the investors that participated in the round, which included Panony, DWF Labs, Telos Foundation, and Grizzly Capital. The funds were obtained through a token sale that concluded on November 21. According to Shavlidze, the investment parameters include a 12-month cliff and a 36-month linear vesting time, and the tokenomics are adapted to the downturn market in cryptocurrencies.
The Singapore-based startup’s DAO framework facilitates the formation of decentralised autonomous groups. The business said in a press statement that users may build a DAO, deposit crypto assets, administer them via voting, and engage directly with DeFi protocols. “XDao was created to relieve our own suffering “Shavlidze said in the announcement.
Organizations that are “decentralized autonomous organizations” (DAOs) are community-driven and, in theory, have no authoritative figurehead. Typically, its governance is administered by token distribution, with decisions controlled publicly on a blockchain.
“XDao is appealing because to its flexibility, multichain approach, and simplicity of use,” Laurent Perello, a Tron DAO adviser and investor in the round, stated in a press statement. “The process of constructing DAOs is substantially simplified by XDao, and DAOs may grow with relative ease over time.”
According to the statement, the cash raised by XDao will be utilised to grow the team and further develop the product.
XDao offers a “pro” service that gives consulting services to users. The company also intends to provide DAO registration services in countries that support the DAO framework.
The firm has won much funding from prominent crypto ecosystem initiatives, including Binance, Polygon, Optimism, and Tron.