Crypto funding agency dao5 raised a $222 million fund to spend money on blockchain initiatives focusing on institutional and authorities adoption. The fund brings the agency’s complete belongings beneath administration to $550 million.
Based in 2022 by Tekin Salimi, a former accomplice at Polychain Capital, dao5 made early bets on initiatives together with Story Protocol, Bittensor, Berachain and EigenLayer.
The agency’s first fund, launched in the course of the last days of the final bull market three years in the past, was absolutely deployed and has already returned “the overwhelming majority of commitments to its restricted companions,” in accordance with a press launch shared with CoinDesk.
“Crypto is getting into its adolescence section. The trade’s dependency on pure hypothesis as the driving force of development is not as efficient because it as soon as was,” Salimi mentioned.
Future success can be a product of “the actual integration of blockchain expertise into international monetary, governmental, and personal sector methods,” he mentioned.
The brand new fund’s focus is on-chain public infrastructure, novel stablecoin methods and “state-sovereign synthetic intelligence.”
In tandem with the fundraise, the agency plans for its dao5 fund to transform right into a decentralized autonomous group later this yr. To assist its growth, the agency added George Lambeth, who beforehand backed initiatives like Avalanche and Celestia, as Normal Associate.
