DAO Behind DeFi Pulse Index Raises $7.7M From Galaxy Digital, 1kx

Index Cooperative will use the funding to bring its ETF-like products to other blockchain networks.

Jul 6, 2021 at 5:00 p.m. UTC
Updated Sep 14, 2021 at 1:47 p.m. UTC

Index Cooperative, the decentralized autonomous organization (DAO) behind tokens like DeFi Pulse Index (DPI) and others, has closed a $7.7 million funding round led by Galaxy Digital and 1kx. 

The group develops and oversees a collection of structured decentralized finance (DeFi) products that both retail and institutional investors can buy to gain exposure to various corners of the crypto market.

"Index is the market leader for on-chain ETF-like products and enables any DeFi user to get complex exposure that would be difficult to manually replicate,” Galaxy Digital’s Leland Lee told CoinDesk. “For example, Index users can buy a token that represents 2x ETH exposure instead of managing a margin long position.”

DeFi, in its complexity and market reach, is booming, and investor interest may be spilling over into the world of DAOs.

In the case of Index Cooperative, the DAO is a collection of individual DeFi experts, business development people and marketers, said Lemonade Alpha, one of the project’s pseudonymous leaders. Each person or entity – Set Labs, DeFi Pulse and the investors who joined the latest round – holds a various-sized share of governance power.

Since launching in October, the Index Cooperative has reached $150 million in assets under management, and earlier this month, it passed $1 million in cumulative revenue, Lemonade Alpha said.

Index says the funding will be used to hire more engineers, expand onto other networks and reinforce the long-term financial stability of the protocol.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Market Wrap: Cryptos and Stocks Mixed Amid Bearish Sentiment

BTC is stabilizing around $30K while stock market volatility begins to fade.

BTC is stabilizing around $30K while stock market volatility begins to fade.

2
New Data Shows Underground Bitcoin Mining Thriving in China

The U.S. has also expanded its lead in the global hashrate competition.

The U.S. has also expanded its lead in the global hashrate competition.

3
Bitcoin sube a $30K, con una resistencia en $35K

BTC está en camino de registrar una señal de impulso positivo en el gráfico diario.

BTC está en camino de registrar una señal de impulso positivo en el gráfico diario.

4
Ledger Adding Browser Extension to Connect Hardware Wallets to Web 3 Apps

Ledger Connect is launching in beta and will initially be compatible with the Ledger Nano X and Mobile Safari.

Ledger Connect is launching in beta and will initially be compatible with the Ledger Nano X and Mobile Safari.