ContributionDAO Successfully Raises $2.8 Million To Expand Staking Into the Southeast Asia Market
Bangkok, Thailand, February 28th, 2024, Chainwire
The funding round was led by KASIKORN X Venture Capital and other global leading blockchain projects including Axelar, Umi and Connext.
Bangkok, Thailand, 28 February 2024 – Singapore-based institutional-grade staking platform ContributionDAO announced this Wednesday it successfully raised $2.8 million in a seed funding round to offer a new staking solution. The funding will also further community management tools for global blockchain projects and expand their reach to the Southeast Asian-wide blockchain market. The funding, completed in December 2023, was led by KASIKORN X Venture Capital (KXVC) firm, the $100 million VC arm of Thailand’s largest commercial banks, KASIKORNBANK (KBANK).
Other participants in the seed funding round include the founders of top Web 3 firms and VCs including Participants from Axelar, Monad, Connext, and other angel investors.
The funding will be used to develop new institutional-grade staking solutions, support ContributionDAO’s robust global community, and expand the project’s presence in the Southeast Asia blockchain market. Additionally, the funding will help bridge global blockchain projects to Southeast Asia via ContributionDAO’s node and community management solution.
With staking and node management making a comeback in 2024, several investors are focusing on the Southeast Asia market, hence the latest capital injection into ContributionDAO. The platform aims to work with leading projects in the SEA region to gain access to the local community and offer their new cutting-edge tools, including node staking and community management solutions. As of January 2024, ContributionDAO boasts of contributing to several global blockchain projects such as Axelar, Sui, Celestia, Sei network and others.
Jom Vimolnoht, Managing Director, KXVC stated:
“ContributionDAO is our key strategic partner of KASIKORN X to endorse the Web3.0 ecosystem in Southeast Asia, with their proven capabilities, and the key results of contributing to various global projects, we are excited to work with ContributionDAO to support them in the journey of creating new cutting edge Staking solution, and community management tools that bridge global to local Southeast Asia market.”
The funding will help expand non-custodial staking services on ContributionDAO, placing the decentralized platform in a leading position in institutional staking, and providing secure, compliant, and innovative solutions for the growing demands of the blockchain industry. Institutional investors in the Southeast Asia region will be able to engage in staking activities without compromising on security or regulatory standards.
Accredited investors will also have access to liquid staking, allowing them to retain flexibility and liquidity in their assets while participating in staking activities. Moreover, ContributionDAO mitigates risk for the investors via their slashing coverage solution, ensuring potential losses are minimized and their funds are safe and secure.
Finally, ContributionDAO is building a novel community infrastructure suite, ProofSquare.xyz, which offers smart automation and a virtual assistant to help manage global communities with few clicks away. The platform is expected to enhance community management across ContributionDAO and expand its reach and offerings, representing a pivotal player in shaping the future of institutional involvement in staking activities.
The platform currently has over $400 million in assets under management in its node staking platform with over 10,000+ community contributors and investors.
About ContributionDAO
ContributionDAO not only has a well-respected institution grade staking platform, it also has a robust and innovative lab team that is developing great quality products both on infrastructure and application levels, for example Proosqure.xyz and Lightlayer.xyz.
Proofsquare.xyz: a noval community infrastructure suite, that offer smart automation and virtual assistant to help manage global community with few clicks away.
Lightlayer.xyz: a Trustless Ethereum execution client that is lightweight, scalable, trustless, instant sync and easy to use for validator and staking service
About KASIKORN X (KX)
KX is a leading Southeast Asian gateway for global projects, driven by a passion for innovation and a commitment to advancing the digital assets and blockchain industry. With a robust global network of investments, KX is dedicated to being a catalyst for progress in the Web3 space. For more information about KX, please visit website : https://kx.tech/
About KASIKORN X Venture Capital (KXVC)
KASIKORN X Venture Capital (KXVC) is the investment arm of KASIKORN X, the largest commercial bank in Thailand. In September 2023, the company raised a $100 million blockchain native fund that invests in global Web 3.0 and artificial intelligence (AI) startups. KASIKORN X aims to be the gateway into Southeast Asia for leading blockchain and Web 3.0 startups looking to expand their presence in the region. The capital raised will majorly target startups in the Southeast Asia region, APAC, E.U. and the U.S.