By Richard Hines
From a targeted $50 million valuation, XDao, a Decentralized Autonomous Organization (DAO) Builder, was able to raise $2.3 million.
Companies like Telos Foundation and Grizzly Capital have also made donations to this cause.
Firm Invested In DAO Building
XDao is a firm that has recently entered the cryptocurrency industry and aids DAOs in expanding their horizons to numerous different blockchains. This company was able to raise $2.3 million in a seed round of funding with a valuation of $50 million.
Companies like Telos Foundation and Grizzly Capital are two investors who expressed interest in this valuation. On November 21st of this year, a token sale was used as a means to this fundraising.
Companies like Telos Foundation and Grizzly Capital are two investors who expressed interest in this valuation. On November 21st of this year, a token sale was used as a means of this fundraising. However, these terms and conditions stated by the agreement would be adjusted to the bear market’s trend and tokenomics.
Through its ready templates and frameworks, this startup company also offers access to the creation and innovation of Decentralized Autonomous Organizations.
With this tool, users or investors can deploy DAOs that can directly interact with Decentralized Finance protocols and cater to customer needs, such as managing crypto assets that have been deposited and attending to these deposits. All of these details were made public in a released statement by the company.
Remarks About XDao
Vlad Shavlidze, the CEO of XDao, spoke more about the origins of the company, stating that XDao was founded at a crucial juncture when there was a serious DAO-related pain point in the crypto economy and that setting up operations in web3 was extremely difficult at that time.
DAOs are decentralized community-backed and managed crypto firms with no governing authority.
These DAOs’ operations are mainly through token distribution, which is overseen and managed by the blockchain.
Laurent Perello, a Tron DAO representative, also discussed the effective functionality of XDAO and its multichain feature, as well as its simplicity and ease of use.
Another investor mentioned how simple it is to create DAOS with XDao and how this feature can help DAOs scale to greater heights over time.
The funds raised in this seed round will be used to improve the firm’s deficiencies, service the team, and improve the usability of the product used to create these DAOS.
This startup has also caught the attention of large corporations, receiving grants from companies such as Binance, Polygon, and a few others.