DAM Finance, a Shanghai, China-based provider of a protocol for creating purchasing power from cross-chain token portfolios, raised $1.8M in Pre-Seed funding.
Backers included DFG, Jsquare, Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures and prominent angels within the Dotsama community.
The company intends to use the funds to accelerate development towards mainnet launch, currently scheduled for later this year.
DAM is a protocol for creating purchasing power from cross-chain token portfolios through dPRIME, a Dotsama stablecoin on Moonbeam. It enables borrowers to deposit baskets of tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam. This innovation provides borrowers more flexibility in purchasing power creation and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral.
The project’s core contributors have backgrounds in enterprise and public blockchains, asset management and data science, previously at firms such as R3, Myria, Fidelity, Oak Hill Capital, EY and IC Group. As a result, protocol risk management will be a major focus area for DAM.