Decentralized Autonomous Organizations have been excelling in the last few years, both in the increasing number of DAOs and in the number of people joining each of them. Experts say this growth is due to the advantages of DAOs over the traditional financial corporations.
Founded towards the tail end of 2020, PrimeDAO is one of such Decentralized Autonomous Organizations. On Wednesday, 15th of September, PrimeDAO announced to have closed $2 million in a seed funding round.
The investors that pooled this fund together are Balancer, Faculty Group, LD Capital, TokenInsight, Atka Capital, ID Theory, XeO4, and a few more others.
“With a very talented team, PrimeDAO offers an exciting coordination mechanism for new tools for DAOs in DeFi and beyond to emerge,” says the CEO of Balancer.
According to the release, PrimeDAO will direct this fund towards enhancing DAO-2-DAO services. In other words, the organization seeks to facilitate the working together of other DAOs to achieve a common goal in the DeFi world.
“Allowing DAOs to do business together and align incentives is an important step in improving coordination effectiveness,” says a PrimeDAO spokesman.
PrimeDAO will launch the DAO-2-DAO app in the coming weeks. With respect to this, the organization is working on the user interface and experience of the app.