DAM Finance (or dPRIME Asset Modules Finance) has raised a $1.8 million pre-seed found that was led by Digital Finance Group and Jsqare. Other investors included; Arrington Capital, Ledgerprime, D1 Ventures, 11-11 Capital, Stacker Ventures and “prominent angels within the Dotsama community.”
DAM is creating a protocol for a “cross-chain – portfolio backed stablecoin.”
DAM explains that it intends to enable borrowers to deposit baskets of tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam. This seeks to provide borrowers with more “flexibility in purchasing power creation and vault maintenance while accommodating a broader range of blockchain-secured assets as collateral.” DAM adds that in the protocol, borrowers are bankers, and portfolios are collateral.
A medium post, published last month, adds further insight into the firm’s mission.
The initial funding is expected to accelerate development towards DAM’s mainnet launch, which is expected to take place later this year.
James Wo, founder and CEO of DFG, commented in a release:
“DFG is a strong backer of Polkadot and Kusama ecosystem, and DAM stands out from most of the multi-chain and cross-chain projects by showing its great competence in unlocking on-chain liquidity. We are also very confident about the coming launch of the dPRIME stablecoin. DFG will continuously support DAM to achieve a greater DeFi user experience.”
Joanna Liang, co-founder and CEO of Jsquare, said they are excited to see DAM has the potential to unlock liquidity from diversified token portfolios and create purchasing power for investors.
“It’s an innovative design to increase the liquidity of the cross-chain long-tail assets. We’re proud to be the leading investor to support the team to make it.”
Harrison Comfort, co-founder and Product Lead of DAM, explained their goal is to improve upon the current DeFi borrowing experience by embracing that Web3 investors have increasingly diverse portfolios across multiple chains.