The Synthetix platform for synthetic assets raised $12 million in funding through a direct sale of native SNX tokens, according to Cointelegraph
Coins from the Synthetix DAO reserves were snapped up by venture firms Paradigm, Coinbase Ventures and IOSG. As of press time, SNX was trading around $26, according to CoinGecko.
According to the release, the firms will support the project by providing liquidity in SNX where possible and will participate in the protocol governance.
“Synthetix has one of the best communities in the crypto space, and we are happy to be a part of it,” said Arjun Baladji from Paradigm.
One of the key members of synthetixDAO, Jordan Momtazi, noted that venture firms bring more to the project than just funding.
According to him, Paradigm helps the protocol with recruiting and planning the development of the third version, Coinbase Ventures helps broaden the functionality, and IOSG assists in promoting Synthetix in China.
In August 2020, the platform moved to a decentralized governance model.
In January 2021, Synthetix carried out a pilot launch of the Ethereum Layer-2 solution Optimistic Ethereum (OΞ).
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