On May 29, Utopia Labs, a payroll and spending management solution developed to interact directly with multisig crypto wallets, announced that it had secured a $23 million Series A fundraising round headed by Paradigm with continued backing from its first seed investor, Kindred Ventures. Circle Ventures, Gusto, Coinbase Ventures, Infinity Ventures, Crypto, Distributed Global, and Fourth Revolution Capital were among the other investors.
DAOs, or decentralised autonomous organisations, are member-owned groups that strive to make choices using blockchain and less centralised leadership to achieve a certain goal. According to Utopia Labs, DAOs will inspire a new generation of institutions, businesses, and communities that are more open, equal, and accessible than ever before.
Utopia Labs is developing a stack to assist these businesses in scaling and operating. OlympusDAO, Lido, Friends with Benefits, Yield Guild Games, and other crypto-native organisations have partnered and built up their resources with the enterprise. Utopia Labs now works with over 100 DAOs, compared to about 30 earlier this year.
The company’s payment volume has increased by 75 percent month over month, reaching $15 million in April. This fresh round of funding will aid in the development of the DAO network’s team of innovators, as well as the development of new features, primitives, and projects that will propel the space ahead and fully realise the promise of these new distribution channels.
Read more: Tritum secures $1.1 million in funding round to boost institutional digital asset usage
