With the development of the industry, the number of crypto-focused startups is increasing day by day. Companies that want to find a place in the crypto market are increasing their income with investment tours. Crypto-focused investment firm Dragonfly Capital led the start-up round for the Debt DAO.
According to the press release shared on The Block; investment firm Dragonfly Capital has provided an initial investment of $3.5 million to Debt DAO.
Dragonfly Capital and Six Angel Investors Together for Debt DAO
Debt DAO provides revenue-based financing for “encrypted assets” that includes DAOs and protocols. It does this through a smart contract called “Spigot,” which the company says can “secure borrower’s on-chain cash flows to automatically repay lenders.”
GSR, Numeus and Fasanara Capital also joined the round. Six angel investors supported the project in the new round of funding, including former Coinbase CTO Balaji Srinivasan, TrueFi’s Ryan Rodenbaugh, and Chainlink Labs’ David Post.
Noting that his main focus areas hold DeFi, DAO, NFTs and smart contracts, Dragonfly Capital general partner Haseeb Qureshi said in a statement:
“Currently, debt is one of the biggest missing pieces in the DeFi universes, and the Debt DAO is one of the strongest teams in the field to tackle this issue.”
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