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Synthetix Disclosed Details of $12 million Fundraise Led by Paradigm, Coinbase Ventures, and IOSG

By Jenny Aurora | February 18, 2021

The Synthetix DAO has reportedly disclosed details regarding new additionals to its current structure. 

Specifically, the synthetic asset protocol has reportedly revealed a $12 million dollar fundraise, to be spearheaded by venture capital entities – Paradigm, Coinbase Ventures, and IOSG.

The funds reportedly acquired SNX tokens straight from the DAO treasury, and will make contributions where they are able, via “providing liquidity in the form of SNX collateral, and also participate in its rapidly evolving community governance system”. 

“We’re excited about supporting the SynthetixDAO 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.” Paradigm investment partner Arjun Balaji reportedly remarked. 

The investment is reportedly noteworthy, due to it being among the first examples of funds invested in a direct manner with and via a project, receiving governance from DAO. 

 The way VCs interact with DAO-governed protocols has reportedly been a frequently discussed matter recently, with a few believing that it is not needed for VCs to receive preferential treatment, while others claimed that VCs should have a fair chance like different establishments, to take part in an open ecosystem. 

Jordan Momtazi, a core contributor to Synthetix DAO, reportedly shared that it all boils down to the funds a protocol is engaging with. 

“Paradigm has been helping the protocol recruit talent through their in house HR and network. They’ve also been actively helping think through our v3 planning. Providing insights into approaches around our re-architecture. Coinbase ventures has helped with connectivity across many functions, both internally and externally.” Momtazi further remarked.

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