According to the latest reports, DeepDAO has reportedly managed to raise a decent fund for its expansion. DeepDAO is a data aggregating website that does it on decentralized autonomous organizations (DAOs). DeepDAO has confirmed that it has managed to generate $3 million for the expansion of its project and services.
The exchange has confirmed that it will focus on the expansion of its services and products with the money it has raised from the recent funding round.
DeepDAO has confirmed that it managed to generate the funds in the funding round with the help of several venture capital firms. The platform has also confirmed that its latest funding round was led by DFG and Hypersphere, a couple of major capital venture firms.
DeepDAO also made an announcement following the successful conclusion of the funding round. The team at DeepDAO stated that they are more than glad for the completion of a successful funding round.
This shows that the growth in the cryptocurrency and blockchain industry is growing tremendously. DeepDAO is glad to see how the project is constantly growing bigger and how the demand for the project is also growing in size.
The recent funding round shows that many investors and venture capital firms want to see the project grow. They are investing heavily in the DOA space and are anxious to witness how the ecosystem for the DAO protocol grows in size.
At present, more than 100 DAOs are backed by the DeepDAO v1 and they are receiving data from the particular protocol. As of now, DeepDAO v1 is responsible for aggregating data on governance, membership, and treasuries of the organizations.
DAOs claims that it currently has more than 66,000 members that it is serving in the form of governance, membership, and treasuries for organizations. The company also boasts that it has an enormous number of assets under its management. According to DAOs, the assets under management (AUM) it has summed up to $587 million.
DAOs has revealed that due to the recent downtrend of the overall cryptocurrency market, it has experienced a huge drop in its AUM. According to DAOs, its AUM has experienced a 46% fall, losing more than $413 million in the process of crypto-downtrend.
Before the downtrend, the assets under management (AUM) DAOs had were more than $1 billion. However, the platform has reported that it has observed tremendous growth in terms of its treasures since November of 2020. In terms of figures, DAOs has observed a 300% increase in terms of its treasuries.
Eyal Eithcowich, the CEO and founder of DeepDAO has made his predictions around the AUM and user base growth by the end of 2021. He stated that they are confident that by the end of 2021, their AUM would be more than $10 billion and the user base would be more than 1 million.