Decentralized contribution hub, ContributionDAO raised $2.8 million in a seed funding round led by Thailand’s largest bank, KASIKORN X Venture Capital (KXVC).
Web 3 staking platform, ContributionDAO has successfully completed a $2.8 million seed funding raise led by KASIKORN X Venture Capital (KXVC) firm, the VC arm of Thailand’s largest commercial bank, KasikornBank (KBANK). The latest funding aims to extend development in the staking space as well as help further the development of community management tools. Finally, part of the capital will be used to expand the market share of ContributionDAO in the SouthEast Asia blockchain space and staking market.
Adding to KASIKORN X VC, the seed funding round also welcomed several top Web 3 firms and angel investors from already established blockchain firms, including participation from Axelar, Monad, Connext, and other angel investors.
Speaking on the seed funding raise, Jom Vimolnoht, Managing Director, KXVC, named ContributionDAO as a key strategic partner for the Thailand bank, especially in its efforts to enter the ‘blockchain space.
“With their [ContributionDAO’s] proven capabilities and the key results of contributing to various 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,” Vimolnoht added.
Exploring Web3 staking developments in the SEA region
As alluded to, the capital raise will be used to develop new and exciting institutional-grade staking solutions, across the South East Asia region. This is expected to enhance the adoption of ContributionDAO’s solutions across the region and help support the budding ContributionDAO global community.
Crucially, the funding will help expand the adoption of non-custodial, institutional-grade staking services across the SEA region and provide a secure, regulatory-compliant and innovative platform for all their clients’ growing staking demands. Notwithstanding, ContributionDAO will also launch liquid staking for their accredited investors, allowing them to retain flexibility and liquidity in their assets while participating in staking activities.
To further mitigate the risk for their investors, ContributionDAO will introduce its slashing coverage solution to ensure added security and safety of its clients’ funds.
In addition, the funding will also help in bridging global blockchain projects to Southeast Asia via ContributionDAO’s node and community management solution.
Having invested in tens of global Web 3.0 and artificial intelligence (AI) startups, the latest seed funding round sees ContributionDAO added to the growing portfolio of transformative and futuristic startups that KXVC supports. Adding to the funding, KXVC and the other partners will play a role in the technical and marketing developments on the staking platform, in a bid to foster faster growth and more innovative technologies in the coming years.
Other developments on ContributionDAO
ContributionDAO has made its mark in Web 3 staking, but that is not all it offers. The platform also boasts a well-respected and innovative lab team that has developed several products on both infrastructure and application levels such as the Proofsquare.xyz and Lightlayer.xyz platforms.
Proofsquare.xyz is a novel community infrastructure suite that offers automation to communities helping them manage the community across different countries and cities. With the added funding, ContributionDAO plans to enhance global community management, targeted at Web 3 communities, helping them expand to wider communities–such as the SEA region. Lightlayer.xyz is an Ethereum execution client that offers a scalable, trustless, easy-to-sync and easy-to-use platform for validator and staking services.
The recent resurrection of the crypto market has synced with a resurgence of the market in the Southeast Asia region, hence the latest capital injection in ContributionDAO. The seed funding round will play a key role in advancing ContributionDAO’s cutting-edge solutions across the region following major partnerships and collaborations with global blockchain projects such as Axelar, Sui, Celestia, and Sei network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
