According to the announcement, $1.8 million has been raised in a pre-seed funding round, which will reportedly be used to accelerate development towards DAM’s mainnet set launching later this year. Ledgerprime, 11-11 Capital, D1 Ventures, Arrington Capital, Stacker Ventures, and prominent angels within the Dotsama community also attended the event.
DAM is a protocol created to provide purchasing power from cross-chain token portfolios. This is done through Jsquare. Jsquare is a research and technology-driven investment firm that seeks to understand the global adoption of blockchain technology while powering Web3’s future alpha.
About DAM, Jsquare co-founder and CEO Joanna Liang said:
“As a research and technology driven investment firm focused on facilitating mass adoption of blockchain, DAM has great potential to unlock liquidity from its diverse token portfolio and create enormous purchasing power for investors. It’s an innovative design that will increase the liquidity of cross-chain long-tail assets.We are proud to be a key investor in supporting the team’s success.”
DAM is designed to allow borrowers to deposit tokens in a single transaction, creating dPRIME. As a result, borrowers have more flexibility in creating purchasing power and managing vaults. Borrowers can also accept a wide range of blockchain-protected assets as collateral. dPRIME is Moonbeam’s Dotsama stablecoin, which acts as a means of generating purchasing power, and DAM is a risk management wrapper. This project was created by a team with backgrounds in enterprise, asset management, data science, and public blockchain.
According to DAM co-founder and product leader Harrison Comfort, DAM aims to significantly improve the current DeFi borrowing experience. The project has already accepted a diverse portfolio across multiple chains created by various his Web3 investors.
DFG Founder and CEO James Wo added:
“DFG is a strong backer of the Polkadot and Kusama ecosystems, while DAM stands out from most multi-chain and cross-chain projects by demonstrating its superior ability to unlock on-chain liquidity. We are also very confident about the launch of the dPRIME stablecoin, and DFG will continue to support DAM for a better DeFi user experience.”
https://zycrypto.com/dam-finance-closes-1-8m-pre-seed-funding-round-led-by-digital-finance-group-and-jsquare/ DAM Finance completes $1.8M pre-seed funding round led by Digital Finance Group and Jsquare