Crypto Staking Platform ContributionDAO Inks $2.8M in Funding to Expand Operations

UTC by Chimamanda U. Martha · 3 min read
Crypto Staking Platform ContributionDAO Inks $2.8M in Funding to Expand Operations
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ContributionDAO aims to enhance its global community and increase its footprint in the Southeast Asia blockchain market.

Crypto staking platform ContributionDAO has secured $2.8 million in seed funding to bolster its operations and expand its presence in the blockchain industry.

According to a press release shared with Coinspeaker, the funding round, which concluded in December 2023, was led by KASIKORN X Venture Capital (KXVC), the $100 million venture capital arm of KASIKORNBANK (KBANK), Thailand’s largest commercial bank.

The investment firm was launched last year in September to support startups in the fields of artificial intelligence (AI), Web3, and financial technology (Fintech).

ContributionDAO Expansion Plans

ContributionDAO said the seed round saw other contributors, including founders of major crypto firms, as well as venture capital companies like Axelar, Monad, and Connext, along with undisclosed angel investors.

The funding will be used to develop new institutional-grade staking solutions tailored for the Asian Pacific region.

Additionally, ContributionDAO aims to enhance its global community and increase its footprint in the Southeast Asia blockchain market.

The decentralized finance (DeFi) protocol also plans to bridge different blockchain projects to Southeast Asia through its node and community management solution.

Non-custodial Staking Services

Part of the $2.8 million funding will also facilitate the expansion of ContributionDAO’s non-custodial staking services. The move aims to position the decentralized platform as a frontrunner in institutional staking, offering secure, compliant, and innovative solutions to meet the growing needs of the blockchain sector.

In addition to the non-custodial staking, accredited investors will also gain access to liquid staking to enable them maintain flexibility and liquidity in their assets while participating in staking.

According to the protocol, institutional investors in Southeast Asia will benefit from engaging in staking activities without compromising on security or regulatory compliance.

ContributionDAO  said it addressed investor risks through its slashing coverage solution, minimizing potential losses and ensuring the safety and security of their funds.

Improve Community Management

Jom Vimolnoht, the managing director of KXVC, expressed excitement about collaborating with ContributionDAO, highlighting the platform’s established capabilities and its track record of contributing to diverse global projects.

“We are excited to work with ContributionDAO to support them in the journey of creating new cutting edge Staking solutions, and community management tools that bridge global to local Southeast Asia market,” he said.

As of January 2024, the platform had already made significant contributions to various global blockchain projects, including Axelar, Sui, Celestia, and Sei network, expanding its footprint in the crypto economy.

ContributionDAO is currently developing ProofSquare.xyz, a unique community infrastructure suite. This platform offers smart automation and a virtual assistant designed to streamline the management of global communities with just a few clicks.

It is anticipated that the new venture will improve the protocol’s community management while also increasing its reach and services.

So far, the platform boasts over 10000 community contributors and investors with around $400 million in assets under management in its node staking program.

Blockchain News, Cryptocurrency News, News
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