Distributed Finance Acquires NFT Marketplace Rand Gallery

Distributed Finance has just announced a $2.5 million seed round and the acquisition of Rand Gallery, the NFT exchange on Algorand.

The above plan was born to promote the development of NFTs and decentralized autonomous organizations (DAOs) in the Algorand ecosystem, according to a release yesterday.

Leading the seed round was Borderless Capital, an investment firm that set up a $500 million fund to develop the Layer-1 ecosystem in November.

There is also participation from The Algorand Foundation, Eterna Capital, Big Brain Holdings, and Fun Fair Ventures.

Distributed Finance will now become the parent company of Zest – the DAO management tool. In recent times, Zest is developing a for-profit DAO structure in the Cayman Islands. Institutional customers are granted access to the Investment DAO LLC structure, with an unlimited number of global members accessing equity ownership in their DAOs.

Zest’s clients include Borderless Capital and Al Goanna. Murray-Jones said new funding of $2.5 million will be earmarked for the launch and expansion of Zest; Rand Gallery development and recruitment promotion.

Some seed funding was also earmarked for the acquisition of Rand Galley.

Murray-Jones said Distributed Finance has been pursuing the deal for six weeks. He said:

“NFTs and DAOs overlap, meaning Zest and Rand Gallery have much in common. Zest will use NFTs to access its DAOs, and Rand Gallery will introduce DAO products into its marketplace. For example, we recognise a tool like PartyBid is operationally efficient but would work much better integrated directly into a marketplace.”

Regarding Algorand, this blockchain, in general, has experienced tremendous growth since Q4/2021. It has set up a $300 million DeFi promotion fund on the ecosystem. Perhaps the most notable event is the event that Algorand becomes the official blockchain partner of the FIFA World Cup 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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