Series A Investors Include Galaxy Digital, Point72 Ventures, Jump Crypto, Fenwick, and Dragonfly Capital
Skolem Technologies an institutional-grade asset management and execution services provider that enables investors to access the DeFi markets in a safe, reliable way, today announced that it has raised $20 million in Series A funding. The round was led by Galaxy Digital and included participation from Point72 Ventures, Jump Crypto, Fenwick and West, Morpheus Ventures, and Dragonfly Capital.
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Founded in 2020 and led by JP Smith, formerly of Trail of Bits, Skolem is the first full-stack DeFi platform that enables institutions to participate directly in DeFi markets without having to substantially increase technical headcount and portfolio risk. Skolem’s robust infrastructure and unique interface layer provides clients with reliable execution, an easy-to-use web UI and API, and full trade lifecycle support.
Due to the structural benefits of decentralization, DeFi is increasingly attracting institutional interest. According to DeFi Llama, DeFi has a total value locked (TVL) of $111.86 billion with DeFi assets under management increasing 713% over the past 18-month period. Skolem intends to use the proceeds from the fundraise to build out its team, in addition to scaling the platform’s technological capabilities to grow the DeFi market by orders of magnitude.
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“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. 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,” said JP Smith, Founder and Chief Executive Officer of Skolem. “This fundraise underscores our partners’ confidence in Skolem’s platform and the much-needed reliability it offers institutions to help them and DeFi markets flourish.”
“Skolem is a zero to one solution for institutional access to DeFi markets. The institutional DeFi stack requires security, execution, risk management, accounting, and compliance,” added Will Nuelle, Principal Investments at Galaxy Digital. “The options for institutions today are either roll-your-own tech stack and hire an engineering team or let Skolem do the heavy lifting. We are thrilled to support Skolem as they make DeFi access secure, convenient, and reliable.”
“There is a clear and loud need from institutional investors for a solution like Skolem, which enables secure enterprise-grade access to the DeFi markets,” said Adam Carson, crypto lead at Point72 Ventures. “Skolem is a first mover in the space, and we are excited to back this impressive team of technologists and their efforts to support the growth of institutional DeFi markets.”
“Access to trading in the DeFi space is limited, complicated, and lacks the guardrails necessary for institutions with stringent risk and reporting requirements to get involved,” said Hassab Qureshi, Managing Partner at Dragonfly Capital. “As the market continues to evolve, JP, Adam and their talented team created a simple, yet cutting-edge, solution to enable DeFi to reach its full potential.”
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