DeFi Portal Avantgarde Eyes DAO Treasuries, Asset Managers With $5.5M Increase

The startup previously generally known as Melonport is homing in on decentralized autonomous organizations (DAOs) for its newest act.

Avantgarde Finance has raised $5.5 million in a Sequence A funding spherical led by Blockchange Ventures. Investments additionally got here from Placeholder VC, Bounce Capital, Acrew Ventures and others.

“The funding goes instantly in the direction of rising the group dimension,” Avantgarde CEO Mona El Isa informed CoinDesk, with the purpose to increase the corporate’s person base of asset managers, treasury managers, dapp builders and DAOs.

The platform is constructed on Enzyme, an Ethereum-based liquidity aggregation protocol from the identical group, and represents the newest “picks-and-shovels” play for the surging world of DAOs. Consider DAOs as group chats with a shared “checking account” for Web3 investments.

“We imagine a completely new class of traders is rising, together with DAOs, one-person funds and coordinated investing by the plenty,” stated Ken Seiff, managing companion of Blockchange Ventures. “A lot of it will possible happen on the blockchain and with digital belongings.”

Learn extra: DAOs May Be the Future of Work, but Don’t Bet on Them Being the Next Big Asset Class

El Isa, who served as a vice chairman at Goldman Sachs for over seven years, began her entrepreneurial profession with Melonport, an Ethereum-based hedge fund platform based in 2016.

Melonport was a key steward of the Melon Protocol, which rebranded to Enzyme in late 2020.

Enzyme ranks forty second by way of whole worth locked (TVL), in response to DeFi Pulse, with a comparatively meager $122 million in belongings dedicated to the platform.

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