dPRIME Asset Modules Finance, known as DAM Finance, has secured $1.8m in pre-seed funding.
The round was led by Digital Finance Group and Jsquare and saw participation from Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures and several angels investors.
DAM enalbes borrowers to deposit tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam. This innovation provides borrowers more flexibility in purchasing power creation and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral.
The project’s core contributors have backgrounds in enterprise and public blockchains, asset management and data science, previously at firms such as R3, Myria, Fidelity, Oak Hill Capital, EY and IC Group. As a result, protocol risk management will be a major focus area for DAM.
DAM co-founder and product lead Harrison Comfort said, “Our goal is to significantly improve upon the current DeFi borrowing experience by embracing the reality that web3 investors have increasingly diverse portfolios across multiple chains. We are fortunate to have a group of backers led by DFG and Jsquare that can help us realise our cross-chain vision while also supporting our strong emphasis on risk management.”
The company has established a strategic partnership with crypto wallet MetaMask, according to a report from Pandaily.
As part of the deal, Safeheron will integrate its Multi-Party Computation (MPC) multi-signature security solutions with MetaMask. As a result, MetaMask users will benefit from an additional security level, improving the verification of apps and devices.
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