Galaxy Digital Leads A $20 Million Series A Financing For Skolem
Skolem Technologies, a data and trade execution service provider, revealed on Wednesday that it had raised $20 million in a Series A round led by Galaxy Digital.
According to a press statement, Point72 Ventures, Jump Crypto, Fenwick and West, Morpheus Ventures, and Dragonfly Capital also participated in the round.
According to CEO and founder JP Smith, Skolem seeks to provide a safe and secure entry point for institutional investors desiring to access the constantly expanding decentralized finance (DeFi) markets. The funds raised will be used to hire new employees and improve the company’s technological skills in order to provide institutional-grade DeFi access.
“The options for institutions today are either roll-your-own tech stack and hire an engineering team or let Skolem do the heavy lifting,” Galaxy Digital’s Will Nuelle said in the statement.
DeFi markets currently lack the safeguards required for institutions with strong risk and reporting requirements to participate, according to Haseeb Qureshi, managing partner at Dragonfly Capital.
The Skolem team has built a simple, yet cutting-edge, solution to enable DeFi to fulfill its full potential
DeFi-focused venture transaction activity fell to its lowest point since September 2021 in May.
“DeFi markets are constantly evolving, making it difficult for institutions to easily trade, record and engage in the market in a secure and dependable way,” JP Smith, Skolem’s founder and CEO said in a statement. “At Skolem, we are firm believers that DeFi will change our world over the next decade, and we are committed to increasing access to this important market by developing a scalable platform that can safely provide an entry point.”
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