PrimeDAO raises $ 2 million to build a cooperation platform for DAOs

PrimeDAO, a project that aims to facilitate better coordination and collaboration between decentralized autonomous organizations (DAOs) in the DeFi sector, has secured $ 2 million in seed funding.

According to an announcement shared with Cointelegraph, the round included well-known DeFi mutual funds such as Signum Capital, LD Capital and Stacker Ventures.

The funds will be used to develop the “DAO2DAO” (D2D) product suite for PrimeDAO, creating the basis for a “Negotiation Interface” that enables coordination between DAOs.

The platform will enable the creation and ratification of agreements between DAOs with on-chain terms. D2D will also enable DAOs to hold joint ownership of common assets, conduct joint ventures and collaborative liquidity pools.

PrimeDAO will work with Balancer and DeFi Safety to build this platform. The team will also work with the balancer to develop the launch platform for seed and IDO style tokens. The platform, called Prime Launch, is expected to hit the market before 2022.

PrimeDAO was launched in the fourth quarter of 2020 and describes itself as “a collection of DeFI builders, token engineers and governance experts”. The company released a paper in September 2020 outlining its plans for a “decentralized ecosystem coordinator” platform and liquidity pooling protocol.

While PrimeDAO is currently building on Ethereum, the team plans to enable cross-chain collaboration via D2D in the future.

On September 14, the team announced an overhaul of its governance platform, with PrimeDAO ditching DAOstack’s Alchemy platform in favor of a mix of Snapshot and Gnosis Safe accessed through Boardroom.

Related: DeFi regulation must not kill the values ​​behind decentralization

Last month PrimeDAO also concluded its “Rating Review” event encouraging users to contribute to its Prime Ratings platform in anticipation of V2’s release.

From July 4th to July 15th, the community gave 63 ratings for various DeFi projects by analyzing fundamental data and smart contracts. The equivalent of $ 15,000 was distributed to contributors who attended the event.