DAM Finance Receives Strategic Investment From Arrington Capital Moonbeam Growth Fund
[PRESS RELEASE – Miami, Florida, 11th August 2022]
dPRIME Asset Modules Finance (”DAM Finance” or “DAM”), a protocol for creating purchasing power from cross-chain token portfolios, is pleased to share that it has received funding from the Arrington Capital Moonbeam Growth Fund.
The investment in DAM Finance is the third major investment by the Arrington Capital Moonbeam Growth Fund, a recently launched $100m fund to fuel the Moonbeam ecosystem.
DAM facilitates purchasing power from the broadest range of blockchain-secured collateral, including longer tail, yield generating, and real-world assets. In the protocol, borrowers deposit baskets of tokens in a single transaction to mint dPRIME, a Dotsama stablecoin on Moonbeam.
DAM’s innovation provides borrowers more flexibility in dPRIME issuance and vault maintenance by mutualizing the value of deposited collateral. As part of its product roadmap, DAM will utilize Moonbeam’s infrastructure to unlock liquidity for assets native to other parachains and blockchains outside of the Dotsama ecosystem.
“We believe the future is multi-chain and inclusive, a mentality that the DAM Finance team shares with us,” said Michael Arrington of Arrington Capital. “DAM is taking a thoughtful approach to DeFi in creating a new model for purchasing power and risk management. We are thrilled to be supporting them as they embark to solve a missing component in today’s environment.”
“Existing cross-chain approaches suffer from poor asset utilization and liquidity fragmentation,” said Derek Yoo, Founder of Moonbeam. “DAM is a great example of a new cross-chain DeFi protocol that is leveraging connected contracts on Moonbeam to reach assets from multiple blockchains. Being able to securely aggregate liquidity will allow DAM to be more efficient and offer superior user experiences.”
“Moonbeam’s clear positioning as the token economy’s nucleus for cross-chain liquidity makes it the ideal ecosystem for DAM to deliver on its vision,” said Harrison Comfort, Product Lead and Co-Founder of DAM. “Arrington Capital has helped DAM from the beginning, and we’re thrilled to have the support of a highly strategic partner with an extensive track record of scaling projects in the token economy.”
DAM’s initial deployment is targeted for later this year. Follow DAM on Twitter, @DAM_Finance, for additional announcements and project updates.
About Arrington Capital
Arrington Capital is a digital asset management firm primarily focused on blockchain-based capital markets. The firm, founded in 2017 by TechCrunch and CrunchBase founder Michael Arrington and TechCrunch CEO Heather Harde, has over $1 billion under management and has invested in hundreds of startups across the world. Arrington Capital is a seasoned, international team composed of Silicon Valley veterans and operators with deep venture capital experience and crypto native roots. Arrington Capital’s first fund was Arrington XRP Capital, and has expanded to multiple funds over time.
About Moonbeam
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
About DAM
DAM is a protocol for creating purchasing power from cross-chain token portfolios through dPRIME, a Dotsama stablecoin on Moonbeam. In the protocol, borrowers are bankers, portfolios are collateral, dPRIME is the means of creating purchasing power and DAM is a risk management wrapper. DAM’s core contributors have backgrounds in enterprise and public blockchains, asset management, and data science.
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OhNoRipple via https://www.ohnocrypto.com/ @Press Release, @Khareem Sudlow