Synthetix adds three major platforms to its governance such as Coinbase Ventures, IOSH, and Paradigm, and also raised $12 million led by these companies so let’s read some more in our latest cryptocurrency news.
Synthetix adds three major platforms and rather surprising ones to its governance and also announced a $12 million dollar fundraising that is led by venture capital companies that purchased SNX tokens from the DAO treasury directly and will also contribute where it is possible by providing liquidity in the form of the SNX collateral and to also participate in the evolving community governance system as per the announcement. Paradigm’s investment partner Arjun Balaji noted:
“We’re excited about supporting the synthetixDAO as it builds the leading synthetic asset platform. Synthetix has one of the best communities in crypto and we’re glad to be a part of it.”
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The investment was quite notable for being the first instance of fund investing right through a DAO governed project. How the VCs interact with the DAO protocols was a hot topic as of late. Some argued that the VCs should get preferential treatment while others noted that the VCs are welcomed to participate in the ecosystem. A tweet from Hayden Adams who is the founder of Uniswap made the case for working with the VCs as long as they are the right ones. Jordan Momtazi who is a core contributor to Synthetix DAO agreed that it is about which funds the protocol is working with:
“Many VC’s don’t add much value. The delta between quality VC’s and the rest is quite large.”
Each of the three VCs that joined on the $12 million raise brings even more value to the table as Momtazi noted:
“Paradigm has been helping the protocol recruit talent through their in house HR and network. They’ve also been actively helping think through our v3 planning. Providing insights into approaches around our re-architecture. Coinbase ventures has helped with connectivity across many functions, both internally and externally.”
In the meantime, IOSG is helping to spearhead the SNX push into China by hiring the China regional leaders as well as with roadshows and creating educational content in Chinese. The raise came right into the most productive period for syntehtix with the team announcing the launch of the Tesla stock and SNX being the token that could be next to be listed in a Grayscale Investment Trust.
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