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Utopia Labs, a startup running a decentralized autonomous organization (DAO), has announced a $23 million raise in a Series A funding round led by Paradigm Capital.
As the firm said, this round of funding also received support from the startup’s first investor, Kindred Ventures, as well as from Circle Ventures, Gusto, Coinbase Ventures and Infinity Ventures Crypto, Distributed Global and Fourth Revolution Capital.
The startup said it plans to use the funds to expand its technology development team, as well as to create new features, primitives and initiatives that move the space forward and unlock the full potential of the DAO, including, but not limited to, accounting and financial analytics, as well as treasury and token management.
Utopia Labs play a very important role in helping the DAO function properly by scaling appropriately and driving the growth of these platforms across the board. Since its inception, the startup has said it has helped create more than 100 platforms, including OlympusDAO, Lido, Friends with Benefits, Yield Guild Games, Badger DAO, Illuvium DAO, Fingerprints DAO, SushiSwap, Tracer DAO, Pleasr DAO and others.
The blockchain ecosystem is leaning toward decentralization as many protocols consider becoming a hub to transfer full control to community members. As the startup announced, it helped the DAO in its portfolio facilitate millions of depositor payments and operating expenses.
Utopia assumes that as long as there is a need for DAOs in today’s blockchain world, there will be room for the management solutions and functions it offers today. Investing in startups is very expensive and may or may not bear huge fruit in the long run. Binance Exchange CEO Changpeng Zhao recently explained that he has no active position or stake in the collapsed LUNA token after participating in the project at level 0. With funding, expectations will continue to grow as Utopia Labs looks for opportunities to meet the needs of its investors and users across the board.
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