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Synthetix Gains $12M in Funding From Paradigm, IOSG

Synthetix Gains $12M in Funding From Paradigm, IOSG
  • Synthetix has raised about $12 million in funds from enterprise capital corporations paradigm, Coinbase Ventures, and IOSG.
  • According to Synthetix, the funds were used to purchase SNX tokens from the DAO treasury as an investment.
  • However, the investment will provide liquidity in the form of SNX.

Artificial asset protocol Synthetix has raised over $12 million in funds. According to Synthetix, they gained the said amount from enterprise capital corporations such as Paradigm, Coinbase Ventures, and IOSG.

As per Synthetix, the $12 million funds were then used to buy SNX tokens from a decentralized autonomous organization (DAO) treasury as an investment.

The investment project will provide organized liquidity in the form of SNX. Also, it will offer institutional-grade services within the Synthetix governance ecosystem.

Meanwhile, the Synthetix $12 million investment is famed as the first-ever open-source project that a DAO directly regulates.

Paradigm Investment Partner Arjun Balaji said,

“We’re excited about supporting the Synthetix DAO as it builds the leading synthetic asset platform. Synthetix has one of the best communities in crypto, and we’re glad to be a part of it.”

Venture Capitals (VC) continues to cooperate with blockchain-based DAO protocols. VC provides new features for global businesses, in which blockchain powers solely their activities.

In support of Synthetix’s achievement, Uniswap CEO Hayden Adams detailed in a tweet his significant gains when he began working with VC. 

Furthermore, Jordan Momtazi, a contributor for Synthetix DAO, noted that Paradigm, Coinbase Ventures, and IOSG would push additional value aside from helping in the $12 million funding.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.