What You Need to Know:
- Crypto investment firm dao5 has successfully raised $222 million, increasing its total assets under management to $550 million.
- The new fund aims to invest in blockchain initiatives geared towards institutional and governmental adoption, focusing on areas like on-chain public infrastructure and stablecoin systems.
- The firm is also planning to transition the dao5 fund into a decentralized autonomous organization later this year.
Crypto investment firm dao5 has announced a new fund totaling $222 million aimed at investing in blockchain projects that target institutional and government adoption. This latest round of funding raises the firm’s total assets under management to $550 million.
Founded in 2022 by Tekin Salimi, a previous partner at Polychain Capital, dao5 has made early investments in several projects, including Story Protocol, Bittensor, Berachain, and EigenLayer.
The firm’s inaugural fund, introduced during the late stages of the last bull market three years ago, was fully invested and has returned “the vast majority of commitments to its limited partners,” as per a statement shared with CoinDesk.
“Crypto is entering its adolescence phase. The industry’s dependency on pure speculation as the driver of growth is no longer as effective as it once was,” said Salimi.
He added that future success will depend on “the real integration of blockchain technology into global financial, governmental, and private sector systems.” The new fund will concentrate on on-chain public infrastructure, innovative stablecoin systems, and “state-sovereign artificial intelligence.”
As part of this fundraising, dao5 plans to convert the fund into a decentralized autonomous organization in the upcoming year. To aid in its growth, the firm has brought on George Lambeth as General Partner, who has previously supported projects like Avalanche and Celestia.
