Key Takeaways
- XDAO, the multichain DAO builder for jointly managing crypto and DeFi projects (№2 on Daoscanner ranking), raised $2.3 million seed financing at a valuation of $50 million.
- The fundraising which attracted multiple investors was conducted via token sale catering to long-term development strategies.
- XDO plans to use the funds to expand the team and invest in future development of the platform.
- XDAO is backed by BNB Chain, Polygon, TRON, Optimism, Astar, Moonbeam, Klaytn, Arrington Capital, Oasis, Ontology, Evmos, Nervos, CoinEx Smart Chain.
XDAO, the multichain DAO builder for jointly managing crypto and DeFi projects, has raised $2.3 million at a valuation of $50 million in a seed funding round from multiple investors.
Singapore-based XDAO is a DAO framework, allowing for the creation of decentralized autonomous organizations and investment clubs of any size. With XDAO products, users could easily create a DAO, deposit crypto assets, manage them by voting, and directly interact with DeFi protocols.
XDAO has been built with some crucial features like – permissionless, modular, multichain, and intuitive. XDAO enables anyone to create a DAO. Clients can also receive experienced help under the XDAO Pro label.
XDAO plans to use the funding from seed round to further expand the team and invest in future development of the platform. XDAO is in the process of scaling the DAO base and is currently providing users with paid consulting services using XDAO Pro.
Furthermore, utilizing this funding, XDAO plans to provide DAO registration services in DAO-friendly jurisdictions. The aim is to bridge between traditional business and the Web3 sphere utilizing DAOs.
XDAO says that it DAO building platform is super friendly to both crypto experts and novices. Moreover, XDAO plans to add different templates for DAOs touching GameFi guilds, Protocol DAOs, Investors syndicates and other for-profit or non-profit organizations.
XDAO is backed prominent industry leaders, such as BNB Chain, Polygon, TRON, Optimism, Astar, Moonbeam, Klaytn, Arrington Capital, Oasis, Ontology, Evmos, Nervos, CoinEx Smart Chain.
“XDAO came about in the process of solving our personal pain, as a member of the DAO syndicate I noticed how difficult it was to set up operations in Web3,” said Vlad Shavlidze, XDAO CEO.
“XDAO ecosystem currently has 25,000 DAOs and that’s far from the limit. Because of their transparent governance structure, DAOs can compete well with traditional corporate models and retain value in the communities that create them,” Vlad Shavlidze told AlexaBlockchain.
Laurent Perello, Founder of Visions of Blockchain VC – an investor in XDAO, pointed out that DAOs are now the most popular form for building business communities in the crypto world and an integral part of any blockchain ecosystem. But, according to Laurent, It is important for DAOs to meet high standards: to be transparent and permissionless.
Laurent praised XDAO for its “functionality, multichain approach and ease of use”.
“Wth XDAO, the process of creating DAOs is greatly simplified and DAOs can easily scale over time. You no longer need to be a developer to start your DAO, you can focus on more important things: idea, attracting community, and management,” Laurent said.
The fundraising was conducted via token sale tailored specifically to the bear market while catering to long-term development strategies and closed on November 21.
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