ContributionDAO raises $2.8 million to expand institutional staking services in Southeast Asia

By Crypto Gloom On Feb 28, 2024

ContributionDAO, a Singapore-based staking platform, announced that it has raised a total of $2.8 million in a seed funding round to scale its institutional-grade staking solution. The financing was led by Thailand’s KASIKORN

The funding, completed in December 2023, was raised to expand the global blockchain project’s presence in the Southeast Asian market.

ContributionDAO is a key strategic partner of KASIKORN We are excited to partner with ContributionDAO to support the Web3.0 ecosystem. We create new cutting-edge staking solutions and community management tools that connect global and local Southeast Asian markets.

—KXVC Managing Director, Jom Vimolnoht

ContributionDAO aims to use the funds to develop new staking products, support its community, and grow its presence across Southeast Asia. Capital has been raised amid renewed interest in staking in 2024 as investors focus on the SEA blockchain market.

Staking platforms are likely to drive institutional adoption in SEA.

With this funding round, ContributionDAO establishes itself as a leading institutional staking service provider in Southeast Asia. The platform will provide a secure and compliant staking solution tailored for accredited investors in the Southeast region.

ContributionDAO gives investors in the region access to a non-custodial staking service, allowing them to participate in staking while maintaining control over their assets. Additionally, the platform offers extensive coverage to minimize potential losses.

Community Builder raises capital to expand its management tools.

In addition to staking, ContributionDAO plans to expand its community management infrastructure with the new capital. The platform is building ProofSquare, a suite of tools to automate and manage blockchain communities.

ProofSquare will help ContributionDAO improve community management and outreach. The platform currently partners with major blockchain projects to provide staking and community solutions.

ContributionDAO has over $400 million in assets under management and a community of over 10,000 members. The platform aims to drive mainstream institutional staking adoption in Southeast Asia by leveraging new funds, solutions and communities. As of January 2024, the staking platform boasts contributions to many blockchain projects, including Axelar, Sui, Celestia, Sei Network, and others.

Likewise, in 2023, Chainlink Labs partnered with Coin98 to promote web3 development in Southeast Asia. The new partnership is designed to support Southeast Asian developers looking to launch new DeFi applications through Chainlink services. This partnership will increase cryptocurrency adoption in the country and enable web3 development to take place immediately.