Distributed Finance, a new venture aiming to promote growth of non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) in the Algorand ecosystem, emerged from stealth earlier this week, announcing a $2.5 million seed round and the acquisition of Algorand NFT marketplace Rand Gallery.
We are pleased to share our participation in the seed round which was led by Borderless Capital with participation from the Algorand Foundation, Fun Fair Ventures, Big Brain Holdings and others.
Distributed Finance’s two key existing products are Zest and Rand Gallery.
Zest helps create and manage institutional-friendly, multi-chain Community and Investment DAOs. They act as a full-suite concierge, offering customizable DAO tooling, multi-chain integrations, and ongoing operational support to make it easy for their customers to launch and run a for-profit DAO. Their goal is to make DAOs a vehicle for transforming global industries and economies.
The current problem is that while Investment DAOs are simple to understand, they are still immensely complex to launch. Current mass-market, self-serve DAOs are great for Web3 communities, yet do not meet enterprise requirements. Without a viable alternative, Investment DAOs are spending millions to launch. This is where Zest’s opportunity lies.
Zest offers compliant DAO tooling, security token infrastructure, and process automation to help enterprise customers create and operate for-profit DAOs, wrapped in an LLC. Their multi-chain integrations out-of-the-box and modular Web3 framework offers a flexible and upgradeable deployment. In addition, they support daily operations for these DAOs and compliance over their lifetime.
With this, Zest hope to remove the technical, compliance, and operational challenges for enterprise-operated investment DAOs to pool capital and make investment decisions on USDC supported blockchains or in the real world.
In addition, Distributed Finance just announced the acquisition of Rand Gallery, an Algorand NFT marketplace. According to Ross Murray-Jones, Co-Founder and CEO, through this acquisition “Zest will use NFTs to access its DAOs, and Rand Gallery will introduce DAO products into its marketplace.” Distributed Finance will be able to leverage both platforms to be the NFT and DAO gold standard in the growing Algorand ecosystem.
With our participation in this round, we are pleased to be part of Distributed Finance’s ambition to become the market-leading DAO and NFT player on the Algorand ecosystem.
About Distributed Finance
Distributed Finance is the market-leading DAO and NFT player on Algorand. We promote the advancement of NFTs (via Rand Gallery) and DAOs (via Zest) on Algorand, setting the gold standard for others to follow.
Zest helps create and manage enterprise-ready DAOs. Our goal is to make DAOs a vehicle for transforming global industries and economies.
Rand Gallery is the market-leading NFT marketplace on Algorand. Our goal is to be the premier destination for discovering, trading, and creating NFTs.
For more information, visit www.distributedfinance.co/.
About Eterna Capital
Eterna Capital is a London-based investment company focused on blockchain technology. Eterna Capital supports entrepreneurs that envision bold innovative ideas, and have the plan in place to make them happen. Eterna Capital is committed to help them reach their ambitious goals by providing unique insights and support.