dPRIME Asset Modules Finance also known as DAM Finance or DAM, a mechanism for producing purchasing power via cross-chain token ownership, disclosed on August 19 that it has obtained a $1.8 million pre-seed funding round led by Jsquare and Digital Finance Group (DFG).
DFG and Jsquare headed fund to help DAM mainnet launch
DFG, a worldwide blockchain and crypto investment company with over $1 billion in AUM (asset under management), and Jsquare, research and technology-driven investment company concentrated on enabling blockchain mainstream acceptance, are among the round’s attendees, along with Stacker Ventures, 11-11 Capital, Ledgerprime, Arrington Capital, D1 Ventures, and eminent angels from the Dotsama society. The investment will help to hasten DAM’s mainnet debut, which is presently expected late this year.
Borrowers can invest baskets of tokens inside a single exchange to manufacture dPRIME using DAM. This technology gives borrowers new options for creating purchasing power and maintaining vaults, while also accepting a broader variety of blockchain-secured goods as security.
The project’s primary contributors had worked previously at organizations such as R3, Fidelity, Myria, EY, Oak Hill Capital, and IC Group, and also have experience in business and public blockchains, asset management, and data science. Therefore, DAM would place a strong emphasis on protocol risk assessment.
According to Harrison Comfort, Co-Founder and Product Lead of DAM, the objective is to vastly improve on the present DeFi borrowing experience by recognizing that web3 clients have increasingly varied portfolios over different chains. A Group of supporters led by DFG and Jsquare can assist in realizing the cross-chain ambition while also emphasizing strong emphasis on risk management.