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A staking platform based in Singapore, ContributionDAO, announced that it has raised $2.8 million in a seed funding round to expand its institutional-grade staking solutions. The funding was led by Thailand's KASIKORN X Venture Capital, the $100 million venture capital arm of KASIRONBANK (KBANK), Thailand's largest commercial bank.
The funding, which was completed in December 2023, was raised to expand the reach of global blockchain projects to the Southeast Asian market.
ContributionDAO is our key strategic partner of KASIKORN in the journey of creating a new cutting-edge staking solution and community management tools that connect the global market with the local Southeast Asia market.
—KXVC General Manager Jom Vimolnoht
ContributionDAO aims to use the funds to develop new staking products, support its community, and increase its presence in Southeast Asia. The capital comes as staking sees renewed interest in 2024, with investors focusing on the SEA blockchain market.
Staking Platform Seeks to Lead Institutional Adoption in SEA
The funding round positions ContributionDAO as a leading provider of institutional staking services in Southeast Asia. The platform will offer secure and compliant staking solutions, tailored to accredited investors in the South East region.
With ContributionDAO, investors in the region will have access to non-custodial staking services, allowing them to participate in staking while maintaining control of their assets. The platform also offers reduced coverage to minimize potential losses.
Community Builder raises capital to expand its management tools
In addition to staking, ContributionDAO plans to expand its community management infrastructure with the new capital. The platform builds ProofSquare, a suite of tools for automating and managing blockchain communities.
ProofSquare will help ContributionDAO improve management and community awareness. The platform is currently working with leading blockchain projects to provide staking and community solutions.
ContributionDAO has over $400 million in assets under management and a community of over 10,000 members. The platform aims to leverage its new funding, solutions and communities to drive institutional adoption of staking in Southeast Asia. As of January 2024, the staking platform boasts of contributing to numerous blockchain projects including Axelar, Sui, Celestia, Sei Network and others.
Likewise, in 2023, Chainlink Labs in partnership with Coin98 to boost Web3 development in Southeast Asia. The new partnership aimed to support developers in Southeast Asia who want to launch new DeFi applications via Chainlink services. This partnership could ensure growing crypto adoption as well as Web3 development in the country in no time.
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