3 of the most leading venture capital companies have recently purchased tokens directly from the treasury of DAO. Synthetic is a trading platform that is decentralized. They have announced that they have successfully managed to raise a whopping $12 million.
The firms that invested in Synthetix are IOSG, Coinbase Ventures, and Paradigm. This raise appears to be a unique incident for the native token of the platform directly from their treasury instead of the funds being wired to their founders.
Big Raise For Synthetix
Synthetix is operated by a decentralized automatic organization, or DAO in order to conduct their project without a conventional corporate structure. The holders of the token are usually encouraged to vote regarding the decision taken by the DAO.
It is a platform where the users are allowed to trade the synthetic assets as well as commodities like the oil future of Brent Crude. The users can develop new assets by implementing the native synthetic token of the platform called SNX.
This app has become very important for decentralized finance since it holds almost $2.8 billion cryptos.
Arjun Balaji, the investment partner from Paradigm, has expressed their delight at their recent support that has been extended towards synthetixDAO while they develop the top platform for the synthetic asset. He further added that Synthetix possesses the best group in crypto so they are thrilled with this partnership.
On the other hand, there is some doubt over the function of VC in DeFi since some commentators consider the companies might have a misleading effect on the so-called public, open protocols.
In addition to the provision of liquidity, VCs will help the platform to recruit talent as well as organize the next steps.
SNX is presently down by 4%, as reported by Messari.
