dPRIME Asset Modules Finance (DAM or DAM Finance) is elated to announce the success of its pre-seed funding round, which was led by Jsquare and Digital Finance Group (DFG).
As per the announcement, the pre-seed funding round raised $1.8 million that will reportedly be used to accelerate development towards the DAM’s mainnet set to be launched later this year. Ledgerprime, 11-11 Capital, D1 Ventures, Arrington Capital, Stacker Ventures, and prominent angels within the Dotsama community also participated in the event.
DAM is a protocol created to provide purchasing power from cross-chain token portfolios. This is done through Jsquare, a research, and tech-driven investment firm that seeks to familiarize the global adoption of blockchain technology while empowering future Alphas in Web3.
Commenting on DAM, Joanna Liang, Co-Founder and CEO of Jsquare, said,
“As a research and tech-driven investment firm focused on facilitating blockchain mass adoption, we are excited to see DAM has the great potential to unlock liquidity from diversified token portfolios and create huge purchasing power for investors. It’s an innovative design to increase the liquidity of the cross-chain long-tail assets. We’re proud to be the leading investor to support the team to make it.”
DAM is designed to let borrowers deposit their tokens in a single transaction, allowing them to mint dPRIME. In turn, borrowers are more flexible in purchasing power creation and vault management; Borrowers also can accommodate a broader range of blockchain-secured assets as collateral. dPRIME is a Dotsama stablecoin on Moonbeam and serves as the means of creating purchasing power, while DAM is a risk management wrapper. The project was created by a team with backgrounds in enterprise, asset management, data science, and public blockchains.
According to Harrison Comfort, DAM co-founder and product lead, DAM seeks to improve the current DeFi borrowing experience significantly. The project has already embraced the diverse portfolio across multiple chains created by different Web3 investors.
James Wo, Founder and CEO of DFG, add:
“DFG is a strong backer of Polkadot and Kusama ecosystem, and DAM stands out from most of the multi-chain and cross-chain projects by showing its great competence in unlocking on-chain liquidity. We are also very confident about the coming launch of the dPRIME stablecoin. DFG will continuously support DAM to achieve a greater DeFi user experience.”
