HaloDAO announces the completion of its seed funding round. It was led by VC veterans Parataxis Capital as well as by a number of top-notch angel investors.
HaloDAO raises $3.5 million in seed funding
According to a press release shared with U.Today by HaloDAO, its team has successfully completed its seed funding round. The net amount of funds raised exceeded $3,500,000.
Renowned high-tech VCs, Parataxis Capital, led this round. Also, QCP Soteria, Genesis Block Ventures, Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock and Petrock Capital took part in the latest HaloDAO funding.
Besides VC funds, the campaign was supported by a group of top-tier angel investors, including Gustav Arentoft of MakerDAO, Dovey Wan of Primitive Ventures and Ajit Tripathi of Aave.
Jun Yong, chief protocol contributor at HaloDAO, announced that the next stage of the project's roadmap will result in another $500 billion injected into the decentralized finances segment:
We are on a mission to create an asset agnostic global liquidity network by promoting the utility of domestically-available asset-backed stablecoins. This will expand access to DeFi products for the benefit of everyday users in the region while ensuring that money flows enter the system via regulated players. This is how we will bring the next $500 billion into the crypto economy.
Bringing stablecoin liquidity to DeFi markets
Julian Gropp, portfolio manager at Parataxis Capital and advisor to HaloDAO, attributed the investors' interest in the project to the fact that DeFi markets need reliable stablecoin-focused solutions right now:
The HaloDAO team brings a unique mix of blockchain development experience and regional expertise that positions it to bring a much needed project to the market. We look forward to continuing to support the project as it builds and scales out.
HaloDAO was launched by former ConsenSys officers Yong Jun Ming and Christopher Verceles. It is tasked with the development of an all-in-one DeFi platform for lending/borrowing, swaps and "yield farming."
Stablecoins have been in focus for the project team since the very first days of the project. Thus, it addresses the crucial use case of integrating the stablecoin instrument into various decentralized financial protocols.