PrimeDAO raises $ 2 million to build a cooperative platform for DAO

PrimeDAO, a project that seeks to facilitate greater coordination and cooperation between decentralized autonomous organizations (DAO) in the DeFi sector, has secured $ 2 million in seed funding.

According to an announcement shared with Cointelegraph, the round featured the participation of notable DeFi investment funds, including Signum Capital, LD Capital and Stacker Ventures.

The funds will be used to develop the “DAO2DAO” (D2D) product suite for PrimeDAO, with the platform configured to feature a ‘Trading Interface’ designed to allow coordination between DAOs.

The platform will allow the creation and ratification of agreements between DAOs with chain conditions. D2D will also allow DAOs to have joint ownership of common assets, run joint ventures, and collaborative liquidity funds.

PrimeDAO will partner with Balancer and DeFi Safety to build the platform. The team will also develop an IDO-style and seed token launch pad together with Balancer. The platform, dubbed Prime Launch, is scheduled for launch before 2022.

PrimeDAO launched in Q4 2020 and describes itself as “a collective of DeFI builders, token engineers, and governance specialists.” The entity published an article published in September 2020 outlining its plans for a “decentralized ecosystem coordinator” platform and a liquidity aggregation protocol.

While PrimeDAO is currently based on Ethereum, the team plans to enable collaboration between chains via D2D in the future.

On September 14, the team Announced a review of their governance platform, with PrimeDAO abandoning DAOstack’s Alchemy platform in favor of combining Snapshot and Gnosis Safe accessed via Boardroom.

Related: DeFi regulation shouldn’t kill the values ​​behind decentralization

Last month, PrimeDAO also closed its “Rate-athon” event, which encouraged users to contribute to its Prime Rating platform ahead of its V2 release.

From July 4 to July 15, the event saw the community submit 63 ratings for various DeFi projects through fundamentals analysis and smart contracts. The equivalent of $ 15,000 was distributed to contributors who participated in the event.