A Singapore-based staking platform, ContributionDAO, announced that it has raised a sum of $2.8 million in a seed funding round to expand its institutional-grade staking solutions. The funding was led by Thailand’s KASIKORN X Venture Capital, the $100 million VC arm of KASIRONBANK (KBANK), Thailand’s largest commercial bank.
The funding, which was completed in December 2023, was raised to expand global blockchain projects’ reach to the Southeast Asian market
ContributionDAO is our key strategic partner of KASIKORN X to endorse the Web3.0 ecosystem in Southeast Asia, with their proven capabilities, and the key results of contributing to various global projects, we are excited to work with ContributionDAO to support them in the journey of creating new cutting edge Staking solution, and community management tools that bridge global to local Southeast Asia market.
—KXVC Managing Director, Jom Vimolnoht
ContributionDAO aims to use the funds to develop new staking products, support its community, and grow its presence across Southeast Asia. The capital comes as staking sees renewed interest in 2024, with investors focused on the SEA blockchain market.
Staking Platform Looks to Lead Institutional Adoption in SEA
The funding round positions ContributionDAO as a leading provider of institutional staking services in Southeast Asia. The platform will offer secure, compliant staking solutions tailored for accredited investors in the Southeast region.
With ContributionDAOs, investors in the region will have access to non-custodial staking services, allowing them to participate in staking while retaining control of their assets. The platform also offers slashing coverage to minimize potential losses.
Community Builder Raises Capital to Expand Management Tools
In addition to staking, ContributionDAO plans to expand its community management infrastructure with the new capital. The platform is building ProofSquare, a suite of tools for automating and managing blockchain communities.
ProofSquare will help ContributionDAO enhance community management and outreach. The platform currently works with leading blockchain projects to provide staking and community solutions.
ContributionDAO has over $400 million in assets under management and a community of 10,000+ members. The platform aims to leverage its new funding, solutions, and community to drive mainstream institutional adoption of staking in Southeast Asia. As of January 2024, the staking platform boasts of contributing to many blockchain projects including Axelar, Sui, Celestia, Sei Network and others.
Similarly, in 2023, Chainlink Labs partnered with Coin98 to boost web3 development in Southeast Asia. The new partnership was geared to support Southeast Asian developers who want to launch new DeFi applications through the Chainlink services. This partnership might ensure increasing crypto adoption as well as web3 development in the country in no time.
