News

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.

Galaxy Digital Leads A $20 Million Series A Financing For Skolem

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

Galaxy Digital Leads A $20 Million Series A Financing For Skolem

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.”

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

12 minutes ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

1 hour ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

3 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

5 hours ago

This website uses cookies.