Snapshot Labs raises $4 million to develop DAO solutions

The Snapshot Labs startup attracted $4 million in seed funding to develop solutions for decentralized autonomous organizations (DAOs).

Snapshot Labs raises $4 million in seed funding to build DAO governance solutionshttps://t.co/SjKEDVlrQG

— The Block (@TheBlock__) November 19, 2021

The round was led by venture fund 1kx, focused on early-stage cryptocurrency projects. It also included Coinbase Ventures, StarkWare, MetaCartel, Gnosis and Scalar Capital.

The developers will allocate the funds to build governance solutions for decentralized management and to improve the platform’s voting system.

Previously, Snapshot Labs was funded via the Gitcoin service, with some development funds allocated by MetaCartel DAO, ENS, Curve DAO and Balancer.

Earlier, the DeFi project announced the full transition to a decentralized autonomous organization.

Subscribe to ForkLog’s news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions.