May 22, 2024
Kelp DAO, an influential player in the liquid restaking arena, recently wrapped up a private token sale, pocketing $9 million. This event in March has catapulted the company's fully diluted valuation to $90 million, highlighting increased investor interest and belief in its future within the decentralized finance landscape. SCB Limited and Laser Digital led the investment drive, pooling $3.5 million.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Kelp Dao | May 22, 2024 | $9M | Seed | $9M | SCB Limited | DeFi, Staking |
The round also saw contributions from a slew of notable entities like DACM, Bankless Ventures, Cypher Capital, GSR, HTX Ventures, Hypersphere Ventures, DWF Ventures, and Draper Dragon, alongside angel investors such as Scoot Moore from Gitcoin and Marc Zeller from Aave Chan initiative.
With the closing of this significant funding, Kelp DAO is set to broaden its user engagement and fortify its offerings. Currently, the platform boasts over $850 million in Total Value Locked (TVL) and a thriving community exceeding 40,000 users.
Amit Gajjala, co-founder of Kelp DAO, revealed that the funds are earmarked for several key initiatives. While the KELP token awaits its official launch post-funding, the immediate use of the proceeds includes enhancing technology that allows users to swiftly restake assets, circumventing the usual unbonding periods. This capability not only boosts liquidity but also empowers users to swiftly react to market dynamics—a critical advantage for those keen on optimizing returns while maintaining control over their investments.
Moreover, the influx of capital is set to facilitate the introduction of liquid staking services on additional blockchains, including Bitcoin and Solana, slated for rollout in the third quarter of the year.
About Kelp DAO
Kelp DAO is set up to enhance the liquidity of assets on restaking platforms like EigenLayer, addressing the challenges of illiquid assets in these environments. This initiative not only promises to streamline operations but also broadens the accessibility and efficiency of digital asset management.
Website: https://kelpdao.xyz/
X Account: @KelpDAO
X Followers today: 92,500
X Followers 30 days ago: 49,800
X Follower change: 42,700 (+85%)
About Investor
Investor: SCB Limited
Description: SCB Limited is a proprietary trading firm.
Location: Bahamas
Website: https://www.scbltd.com/
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