DAM Finance, a protocol for creating purchasing power from cross-chain token portfolios, closed a $1.8 million pre-seed funding round led by Digital Finance Group (DFG) and Jsquare this past week. The funding round will serve as a catalyst for development towards DAM’s mainnet launch, slated for later this year.
“DFG is a strong backer of the 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,” said James Wo, Founder and CEO of DFG. “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.”
The DAM Finance protocol enables borrowers to deposit a variety of token baskets in a single transaction to mint dPRIME, a Polkadot and Kusama stablecoin on the smart contract platform Moonbeam. This innovation grants borrowers more flexibility to create purchasing power and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral.
DFG, a global blockchain and cryptocurrency investment firm with over $1 billion in assets under management, and Jsquare, a research and tech-driven investment firm focused on facilitating blockchain mass adoption, lead the funding round for DAM. Rounding out the funding are contributions from Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures, and prominent angels within the Dotsama community.
The project’s core contributors all contain backgrounds in enterprise and public blockchains, asset management, and data science. This includes previous firms such as R3, Myria, Fidelity, Oak Hill Capital, EY, and IC Group. As a result, protocol risk management will be a major focus area for DAM.
“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,” says Harrison Comfort, Co-Founder and Product Lead of DAM. “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.”
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Source: https://thecryptobasic.com/2022/08/24/dam-finance-closes-1-8m-pre-seed-funding-led-by-dfg-jsquare-for-cross-chain-portfolio-backed-stablecoin/?utm_source=rss&utm_medium=rss&utm_campaign=dam-finance-closes-1-8m-pre-seed-funding-led-by-dfg-jsquare-for-cross-chain-portfolio-backed-stablecoin