In Brief:
- Snapshot Labs raised $4 million in the funding round led by venture capital fund 1KX.
- Coinbase Ventures, StarkWare, MetaCartel, Gnosis, and Scalar have also participated in the funding round.
- The fund will use to make improvements in its voting framework.
A decentralized anonymous organization (DAO) voting platform, Snapshot Labs successfully completed a $4 million seed investment round led by crypto-focused early-stage venture capital fund 1kx.
In this investment round, Coinbase Ventures, StarkWare, MetaCartel, Gnosis, and Scalar had also participated and raised capital for the company.
As per the company announcement, The company will use the capital to build more effective and robust solutions for decentralized governance.
Snapshot revealed the plan to make improvements in its voting framework. The company is confident that these changes will provide an edge to the company to make mainstream-oriented DAOs.
At present, Snapshot’s website holds 2,200 DAO communities and the company revealed that one million votes have been cast on the platform
“We’re interested in making Snapshot community-owned, so a token may happen, but it’s not yet a priority. Our focus is on solving voting,” Fabien, (pseudonymous of project founder) said.
With the expansion of cryptoverse, many venture capital firms are investing in crypto firms to grab this profitable opportunity. Digital Currency Group (DCG) has secured $600 million, marking its first entry into the debt capital markets.
