Crypto funding agency dao5 raised a $222 million fund to put money into blockchain initiatives focusing on institutional and authorities adoption. The fund brings the agency’s complete belongings underneath administration to $550 million.
Based in 2022 by Tekin Salimi, a former associate at Polychain Capital, dao5 made early bets on initiatives together with Story Protocol, Bittensor, Berachain and EigenLayer.
The agency’s first fund, launched through the ultimate days of the final bull market three years in the past, was absolutely deployed and has already returned “the vast majority of commitments to its limited partners,” in accordance with a press launch shared with CoinDesk.
“Crypto is entering its adolescence phase. The industry’s dependency on pure speculation as the driver of growth is no longer as effective as it once was,” Salimi mentioned.
Future success might be a product of “the real integration of blockchain technology into global financial, governmental, and private sector systems,” he mentioned.
The brand new fund’s focus is on-chain public infrastructure, novel stablecoin programs and “state-sovereign artificial intelligence.”
In tandem with the fundraise, the agency plans for its dao5 fund to transform right into a decentralized autonomous group later this 12 months. To help its enlargement, the agency added George Lambeth, who beforehand backed initiatives like Avalanche and Celestia, as Normal Accomplice.
