Coinbase-backed custom-built layer 1 blockchain DeSo launched an innovative cross-chain fundraising platform DAODAO to decentralize the fundraising process in crypto. The platform allows startup founders to secure funding in any currency including cash, BTC, ETH, SOL, or DeSo, and easily cash out to USDC.
DAODAO Will Allow Entrepreneurs to Seamlessly Raise Funds in Cash, BTC, ETH, SOl, and DeSo
Layer-1 blockchain DeSo unveiled a breakthrough cross-chain fundraising platform DAODAO, aimed at simplifying and decentralizing the fundraising process for entrepreneurs. The platform will allow founders to “launch fundraising rounds with coins immediately tradeable on an on-chain order-book exchange,” according to DeSo’s press release.
DeSo, which stands for Decentralized Social Blockchain, is a new network backed by Coinbase, Sequoia Capital, and Andreessen Horowitz. The project nabbed around $200 million from its investors so far.
Through DAODAO, entrepreneurs can secure funding in multiple currencies including cash, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Decentralized Social (DeSo). Founders can then easily cash out and convert their funds to USD Coin (USDC).
“DeSo is the only blockchain that could support something like DAODAO today. DeSo’s recent USDC integration and the use of MegaSwap to convert crypto into USD were both critical, and no other chain has both. On top of that, DeSo’s order-book exchange is the fastest in the world, capable of performing 40,000 matches per second.”
– Arash Ghaemi, Growth Marketing Lead at DeSo
DeSo says fundraising on DAODAO is as simple as creating a new social media account, with the raised funds getting automatically converted to USD. The move comes just a day after DeSo launched a first-of-its-kind decentralized on-chain end-to-end encrypted group chats. The blockchain also recently integrated with MetaMask, the blockchain project managed by the embattled company ConsenSys.
Crypto VC Funding Strong in 2022 Despite Market Downturn
DeSo’s new fundraising platform launches amid a strong year in terms of venture capital (VC) funding for crypto projects. According to PitchBook data, VC funding for crypto firms surged to $17.5 billion in the first half of 2022, compared to $26.9 billion these companies raised in the whole of 2021.
A large portion of those funds was invested in Web3 firms, according to research firm Delphi Digital. The report underlined VC funds’ interest in the “future of the internet” known as Web3, despite the ongoing crypto winter.
The crypto market has lost trillions of dollars in value in the past several months as sky-high inflation and recession fears pushed investors away from risk assets. Bitcoin and Ethereum are both down roughly 60% year-to-date.
This article originally appeared on The Tokenist
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