ContributionDAO Secures $2.8 Million in Seed Funding to Expand Staking Services in Southeast Asia
Singapore-based staking platform ContributionDAO has raised $2.8 million in a seed funding round to expand its services in Southeast Asia. The funding was led by Thailand's KASIKORN X Venture Capital (KXVC), the venture capital arm of KASIKORNBANK.
Other notable participants in the funding round included Axelar, Monad, Connext, and other angel investors. The fresh capital will allow ContributionDAO to develop new staking solutions and community management tools for the Southeast Asian blockchain market.
ContributionDAO plans to work with leading blockchain projects in Southeast Asia to offer its staking and community management platforms. As of January 2024, ContributionDAO has already contributed to global blockchain projects like Axelar, Sui, Celestia, and Sei Network.
The funding will expand ContributionDAO's non-custodial staking services and position it as a leader in institutional staking. Accredited investors in Southeast Asia will be able to participate in staking activities without compromising regulatory standards or security.
Additionally, the capital will support ContributionDAO's development of ProofSquare.xyz, a community infrastructure suite that automates management of global communities. ProofSquare is expected to enhance ContributionDAO's community reach and offerings in the future.
Currently, ContributionDAO has over $400 million in assets under management on its staking platform. It also boasts a community of over 10,000 contributors and investors.
KASIKORN X Managing Director Jom Vimolnoht said, "ContributionDAO is our key partner to build the Web3 ecosystem in Southeast Asia. With proven capabilities and results with global projects, we look forward to supporting their innovative staking and community solutions."
The funding round comes as staking regains popularity in 2024. With investors eyeing the Southeast Asian market, ContributionDAO is poised to lead the region in institutional staking and community management for blockchain projects.
