Dragonfly Capital, an investment firm specializing in cryptocurrencies, reportedly led a $3.5 million seed round for the crypto credit platform Debt DAO. Debt DAO gives “crypto native entities,” such as DAOs and protocols, revenue-based funding. According to the business, this is accomplished through a “Spigot” smart contract, which can “safeguard borrower’s on-chain cash flows to repay lenders automatically.” In the round, GSR, Numerous, and Fasanara Capital also participated. In the latest round of funding, the project received support from six angel investors, including former Coinbase CTO Balaji Srinivasan, Ryan Rodenbaugh of TrueFi, and David Post of Chainlink Labs. DeFi Universes and Debt DAO According to Dragonfly Capital general partner Haseeb Qureshi, debt is now one of the major missing parts of the DeFi world, and Debt DAO is one of the finest teams in this sector attacking that challenge. Revenue-generating DAOs won’t need to sell their native tokens for working capital as on-chain organizations and cash flows grow. The debt DAO will advance the DAO financial ecosystem as a whole. In May, Dragonfly Capital closed its third venture fund with a $650 million oversubscription. DeFi, DAOs, NFTs, and scaling smart contracts were highlighted as some of its key priority areas in a statement.The post Dragonfly Capital Leads $3.5 Million Seed Round for Debt DAO appeared first on Cryptoknowmics-Crypto News and Media Platform.
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