Skolem Technologies has raised $20 million in Series A funding that was led by Galaxy Digital, according to a statement Wednesday.
- Skolem, which provides data and trade execution services for decentralized financial markets, said it plans to use the capital to build its team, as well as scale the platform’s capabilities to grow the DeFi market by “orders of magnitude,” the company said in a statement.
- Additional investors in the round included Point72 Ventures, Jump Crypto, Fenwick & West, Morpheus Ventures, and Dragonfly Capital.
- “DeFi markets are constantly evolving, making it difficult for institutions to easily trade, record and engage in the market in a secure and dependable way,” JP Smith, Skolem’s founder and CEO, said in a statement. “At Skolem, we are firm believers that DeFi will change our world over the next decade, and we are committed to increasing access to this important market by developing a scalable platform that can safely provide an entry point.”
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.