A $2 million seed-raise recently closed to fund Prismatic, an application that builds treasury management infrastructure and tooling for DAOs and other organizations holding digital assets.
In partnership with Algorand Inc. and the Algorand Foundation, Prismatic welcomed Borderless Capital, a blockchain VC firm, as lead investor, joined by other investors including Meld Ventures, Valhalla Capital, Chiron Partners, Cluster, Ellipti, MEXC, 0x Ventures, Kangaroo Capital, 8186 Capital, SigmaDAO, Fork Ventures, and several high profile strategic angel investors.
“Decentralized Autonomous Organizations are one of the core building blocks of a borderless economy. We are excited to work with Prismatic and drive their vision of upgrading the stack for DAOs and enable a new wave of innovation and business cases on-chain through their platform” said David Garcia, CEO and Managing Partner of Borderless Capital.
About Prismatic
Prismatic offers on-chain treasury management infrastructure and tooling to crypto organizations with the goal of enabling secure, customizable, and transparent treasury management.
It allows for treasuries to utilize the full capability of the blockchain ecosystem, including yield farming, staking, trading, and borrowing.
This is particularly important for DAO treasuries, which are often underutilized or even sit idle. Effective strategic asset allocation is a significant benefit to any DAO, especially as they mature and reach considerable sizes.
A thoroughly thought-out and well-managed treasury management strategy can help DAOs to prepare for various market conditions and provide DAOs with a competitive advantage.
Prismatic seeks to serve organizations by providing efficient and adaptive solutions in four core areas: spending, strategic asset allocation, borrowing, and reporting so that requirements for effective treasury management can be met while keeping a strong focus on security.
“I love that crypto organizations and in particular DAOs innovate on how we collaborate and we at Prismatic are passionate about helping to enable them. The purpose of any DAO is to manage and govern its protocol in perpetuity, so it is really important for DAOs to make sure that its capital is managed well. This includes not only the facilitation of ongoing operations, but also yield-generating investments to support the future growth and success of the protocol. That’s why we are building a solution that helps DAOs better manage their treasuries.” said Natalie Salemink, CEO and Founder of Prismatic.
Prismatic has a strong core team with extensive experience in the Algorand ecosystem, security, cryptography, asset management, and start-ups.
The Prismatic application will be built on the Algorand blockchain, which has a long-standing track record of low-cost, fast transactions and secure, uninterrupted operations.
The company is planning to launch in Q2/2022. To learn more, visit the website here and follow @DeFiChick and @PrismaticFi on Twitter to stay up-to-date on development progression and future announcements.
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Source: https://beincrypto.com/prismatic-closed-2m-seed-raise/