In a significant move for the blockchain industry, Singapore-based ContributionDAO has successfully completed a $2.8 million seed funding round. This investment aims to advance its institutional-grade staking platform and broaden its impact across the Southeast Asian blockchain sector. The round was spearheaded by KASIKORN X Venture Capital (KXVC), a formidable entity within the sphere, holding a $100 million venture capital fund under Thailand’s leading commercial bank, KASIKORNBANK (KBANK).
The fundraising event saw participation from a variety of influential figures and organizations, including founders of prominent Web3 companies and venture capitals such as Axelar, Monad, Connext, among other individual backers. The capital will be channeled into enhancing ContributionDAO’s staking solutions, fostering its widespread community, and cementing its footprint in Southeast Asia’s burgeoning blockchain landscape. Moreover, the initiative is set to facilitate a seamless integration of global blockchain ventures into the Southeast Asian market through ContributionDAO’s specialized node and community management services.
Amidst a resurgence of interest in staking and node management in 2024, Southeast Asia has emerged as a focal point for investors. ContributionDAO is gearing up to collaborate with top regional projects to tap into the local community and deploy innovative tools, such as node staking and community management solutions. The platform is already making notable contributions to global blockchain projects like Axelar, Sui, Celestia, and the Sei network, evidencing its growing influence and commitment.
Jom Vimolnoht, Managing Director of KXVC, expressed enthusiasm about the partnership, emphasizing, “ContributionDAO is our key strategic partner of KASIKORN X to endorse the Web3 ecosystem in Southeast Asia, with their proven capabilities, and the key results of contributing to various global projects, we are excited to work with ContributionDAO to support them in the journey of creating new cutting edge Staking solution, and community management tools that bridge global to local Southeast Asia market.”
ContributionDAO to Lead Staking Innovations
The new funding will bolster ContributionDAO’s non-custodial staking services, positioning it as a frontrunner in the institutional staking domain. This enhancement aims to offer secure, compliant, and innovative staking options in response to the increasing demand within the blockchain industry. It presents institutional investors in Southeast Asia with a secure avenue for staking activities, adhering to stringent security and regulatory standards.
Furthermore, accredited investors will gain access to liquid staking solutions, which provide the flexibility and liquidity needed for effective asset management while engaging in staking activities. ContributionDAO also introduces a slashing coverage solution to safeguard investors against potential losses, ensuring their assets remain secure.
Expanding its suite of services, ContributionDAO is developing ProofSquare.xyz, a novel community infrastructure platform designed to streamline global community management through smart automation and virtual assistance. This tool is set to revolutionize the management of community interactions, expanding the reach and capabilities of ContributionDAO.
Currently, ContributionDAO manages over $400 million in assets across its node staking platform, supported by more than 10,000 community contributors and investors. The platform continues to innovate with its lab team, developing high-quality products for infrastructure and application layers, like Proofsquare.xyz and Lightlayer.xyz, enhancing the overall blockchain ecosystem.
KXVC, as part of KASIKORN X, aims to be the gateway for global projects venturing into the Southeast Asian market, promoting innovation and progress in the Web3 and digital assets sectors. With a strong commitment to the blockchain industry, KXVC’s investment in ContributionDAO marks a significant step forward in realizing the potential of blockchain technology in Southeast Asia and beyond.
