Miami, Florida, August 19, 2022, Chainwire
dPRIME Asset Modules Finance (“DAM Finance” or “DAM”), a protocol for creating purchasing power from cross-chain token portfolios, is pleased to share that it has closed a $1.8 million pre-funding round led by Digital Finance Group (“DFG”) and Jsquare.
DFG, a global blockchain and cryptocurrency investment firm with more than $1 billion in assets under management, and Jsquare, a research and technology-driven investment firm focused on facilitating the mass adoption of blockchain, are joined by Arrington Capital, Ledgerprime, D1 Ventures, 11 – 11 Capital, Stacker Ventures and prominent angels in the Dotsama community as participants in the round. Funding will accelerate development towards DAM’s main web launch, tentatively planned for later this year.
DAM enables borrowers to deposit baskets of tokens in a single transaction to create dPRIME, a Dotsama stablecoin on Moonbeam. This innovation gives borrowers more flexibility in creating purchasing power and maintaining vaults, while accepting a wider range of blockchain-backed assets as collateral.
The project’s core contributors have backgrounds in corporate and public blockchains, asset management and data science, previously at firms such as R3, Myria, Fidelity, Oak Hill Capital, EY and IC Group. As a result, protocol risk management will be a major area of focus for DAM.
James Wo (@realjameswo), Founder and CEO of DFG, commented, “DFG is a strong supporter of the Polkadot and Kusama ecosystems, and DAM stands out from most multi-chain and cross-chain projects by demonstrating its great expertise in unlocking on-chain liquidity . We are also very confident about the upcoming launch of dPRIME stablecoin. DFG will continuously support DAM to achieve a greater DeFi user experience.”
Joanna Liang (@joanna_jsquare), Co-Founder and CEO of Jsquare, commented, “As a research and technology-driven investment firm focused on facilitating the mass adoption of blockchain, we are excited to see that DAM has the great potential to unlock liquidity from diversified tokens portfolios and create tremendous buying power for investors. It’s an innovative design to increase the liquidity of long-chain, long-tail assets. We’re proud to be the lead investor supporting the team to pull it off.”
Harrison Comfort (@hoco_dam), Co-Founder and Head of Product at DAM, commented “Our goal is to significantly improve the current DeFi lending experience by embracing the reality that web3 investors have increasingly diverse portfolios across multiple chains. We are fortunate to have a group of supporters led by DFG and Jsquare that can help us realize our vision across chains, while supporting our strong emphasis on risk management.”
DFG is a global investment firm with more than $1B in AUM focused on empowering blockchain and Web3 companies. Since 2015, DFG has been committed to the long-term potential of blockchain technology and manages investments across the crypto ecosystem. DFG mainly operates three strategically dedicated funds: the Venture Equity Fund, which follows traditional methods of investing in valuable CeFi service providers; The Polkadot Ecosystem Fund, which is strengthening its Web3.0 innovation; Crypto Fund, which invests in promising solutions at an early stage.
For more information about DFG, visit the official website (https://dfg.group) and Twitter @DFG_OfficiaI.
Jsquare is a research and technology driven investment company focused on facilitating the mass adoption of blockchain and empowering future Alpha in Web3. We are currently self-funded with AUM in excess of $150 million. Our portfolio includes, among others, CeFi (CoinList, 3iQ, Republic, FV Bank), GameFi/NFT (Efinity, Big Time, Thetan Arena, Apeiron), Infra/Tooling (Pocket, Render, ChainSafe, GSN).
For more information about Jsquare, visit the website (https://www.jsquare.co/) and Twitter @JSquare_co.
DAM is a protocol for creating purchasing power from token portfolios across chains through dPRIME, a Dotsama stablecoin on Moonbeam. In the protocol, borrowers are bankers, portfolios are collateral, dPRIME is the means of creating purchasing power and DAM is a risk management package. DAM’s core contributors have backgrounds in corporate and public blockchains, asset management and data science.
Follow DAM further Twitter@DAM_Finance, for further announcements and project updates.