Ondo Finance’s DAO, native token coming soon with US$20 mn capital boost

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  • Ondo Finance is a protocol focused on mainstreaming decentralized finance (DeFi).
  • On Wednesday, it announced raising US$20 million in a Series A funding round led by Peter Thiel’s venture capital firm Founders Fund and crypto firm Pantera Capital.   
  • The firm plans to introduce its own decentralized autonomous organization (DAO) and a native token, ONDO.

The Ondo Finance Protocol (ONDO) on Wednesday announced raising US$20 million in a Series A funding round led by Peter Thiel’s VC firm Founders Fund and crypto firm Pantera Capital.   

Others who participated in the funding round included Coinbase Ventures, Tiger Global, GoldenTree, and Wintermute. Ondo Finance plans to use the capital to expand its engineering, marketing, and product development teams. 

It aims to mainstream decentralized finance (DeFi) by speeding up its adoption.

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Ondo Finance software identifies investment opportunities across traditional and decentralized finance spaces and offers user-friendly, risk-reward services for retail and institutional investors. 

As per Nathan Allman, founder of Ondo Finance, traditional finance products are structured and can be executed for DeFi at a lower cost. Hence, small retail investors can assess these instruments, which are otherwise very expensive. 

How does Ondo Finance work?

Ondo is building a decentralized investment bank to connect stakeholders in DAOs, institutions, and retail investors. Ondo Finance matches those with capital and those who need them like a traditional bank by creating customized financial products. The decentralized investment bank allows organizations to offer products to investors. 

The company’s first primitive decentralized structured product offers a choice between more returns and downside protection. It expanded to other use cases such as Liquidity-as-a-service (LaaS) to match DAOs with underwriters to provide liquidity for DAO’s native token. 

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Its plan includes building vaults that bundle yields with algorithmic stablecoins and vaults across different blockchains. The new vault will help the company grow its ecosystem and user base. The firm has plans to expand its product compatibility with Curve and Convex protocol and integration with web2 fintech, crypto exchanges, and custodians.   

The algorithmic stablecoins and expansion of DeFi to different blockchains would result in more yield opportunities. Ondo will allow investors to get passive exposure to the yield opportunities while offering downside protection and enhanced returns, said Paul Veradittakit, partner at Pantera Capital. 

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CoinDesk reported that Ondo has partnered with over ten decentralized autonomous organizations (DAO), including Terra, Fei etc. and has around US$200 million in deposited liquidity into the protocol.

Bottom line:

The firm plans to have its own decentralized autonomous organization and a native token, ONDO. The token will provide voting rights in DAO for making strategic decisions such as partnerships with stablecoins, chains, and decisions about smart contracts.

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