DAM raises $1.8 milllion ahead of dPRIME stablecoin launch
DAM Finance will focus on protocol risk management.
dPRIME Asset Modules Finance (DAM Finance) has closed a $1.8 million pre-seed funding round led by Digital Finance Group (”DFG”) and Jsquare.
DFG is a renowned global blockchain and cryptocurrency investment firm, with more than $1 billion in assets under management. Jsquare is a research and tech-driven investment firm focused on facilitating blockchain mass adoption.
The fundraiser also saw the participation of Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures, and prominent angels within the Dotsama community.
The fundraiser will fuel the development and expansion of the protocol meant to enable the creation of purchasing power from cross-chain token portfolios. More specifically, the funding will accelerate the development towards DAM’s mainnet launch, currently scheduled for later this year.
DAM helps borrowers to deposit baskets of tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam, in order to provide them with more flexibility in purchasing power creation and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral.
DAM Finance will focus on protocol risk management and the team is made out of people with backgrounds in enterprise and public blockchains, asset management, and data science, previously at firms such as R3, Myria, Fidelity, Oak Hill Capital, EY and IC Group.
Fundraiser ahead of dPRIME stablecoin launch
James Wo, Founder and CEO of DFG, commented, “DFG is a strong backer of Polkadot and Kusama ecosystem, and DAM stands out from most of the multi-chain and cross-chain projects by showing its great competence in unlocking on-chain liquidity. We are also very confident about the coming launch of the dPRIME stablecoin. DFG will continuously support DAM to achieve a greater DeFi user experience.”
Joanna Liang, Co-Founder and CEO of Jsquare, commented, “As research and tech-driven investment firm focused on facilitating blockchain mass adoption, we are excited to see DAM has the great potential to unlock liquidity from diversified token portfolios and create huge purchasing power for investors. It’s an innovative design to increase the liquidity of the cross-chain long-tail assets. We’re proud to be the leading investor to support the team to make it.”
Harrison Comfort, Co-Founder and Product Lead of DAM, commented “Our goal is to significantly improve upon the current DeFi borrowing experience by embracing the reality that web3 investors have increasingly diverse portfolios across multiple chains. We are fortunate to have a group of backers led by DFG and Jsquare that can help us realize our cross-chain vision while also supporting our strong emphasis on risk management.”