Kelp DAO Secured $9M in a Private Token Sale Round

Kelp DAO, a leading protocol in the liquid restaking sector, recently secured $9 million in a private token sale round. This fundraising round, concluded in March, positions the company at a fully diluted valuation of $90 million, underscoring the growing interest and confidence in the platform’s potential within the decentralized finance (DeFi) ecosystem. 

Lots of Investors Participated in Kelp DAO Fundraise 

As per the announcement, SCB Limited and Laser Digital spearheaded the round with a $3.5 million investment. Other prominent investors in participation include DACM, Bankless Ventures, Cypher Capital, GSR, HTX Ventures, Hypersphere Ventures, DWF Ventures, and Draper Dragon. Likewise, some notable angel investors participated in the round, like Scoot Moore of Gitcoin, Marc Zeller of the Aave Chan initiative, and many more.

After successfully closing this round of funding, Kelp DAO intends to expand its user base and strengthen its platform, which currently holds more than $850 million in Total Value Locked (TVL) and has a community of over 40,000 users.

Benefits of the Fresh Funding for Kelp DAO

According to Amitej Gajjala, the protocol’s co-founder, Kelp DAO’s token is expected to launch soon, although it sold its yet-to-launch KELP token in the round. 

Furthermore, the fresh funding will help Kelp DAO utilizes advanced technology to enable users to restake assets without waiting for unbonding periods, thereby increasing liquidity and allowing users to respond to market fluctuations promptly. This adaptability provides a notable benefit for users aiming to maximize their profits while retaining significant control over their assets.

Also, the funds raised will enable the platform to launch liquid staking services for other blockchains, not excluding Bitcoin (BTC), Solana (SOL), and others, in the third quarter of this year. 

Pantera Capital to Raise Over $1B for Blockchain Fund

Just last month, Pantera Capital, a digital asset investment manager announced its decision to raise over $1 billion for a new fund to provide exposure to several blockchain-based assets. According to Pantera Capital’s website, the Pantera Fund V will include various asset types such as startup equity, early-stage, and liquid tokens.

With $5.2 billion in assets under management (AUM) across its existing funds, Pantera’s $1 billion raise would be the largest in the cryptocurrency industry since May 2022, when Andreessen Horowitz raised $4.5 billion.