DAO voting platform Snapshot received an investment of 4 million dollars.
DAO voting platform Snapshot announced its funding round on Friday. According to CoinDesk, the platform raised $4 million in the round led by 1kx. Other names participating in the tour were The LAO, MetaCartel Ventures, Gnosis, StarkWare, Coinbase Ventures, BoostVC, Scalar Capital, Fire Eyes DAO, LongHash Ventures and Coopérative Kleros.
DAO means a community of people who use various tools on the internet to implement management decisions regarding blockchain protocols, pooled investments, or any number of other experiments. The investment comes after the recent popularization of DAO structures in various forms.
Anonymous founder Fabien said the project was started primarily as a side project for automated market maker Balancer. It was intended to create a simple voting portal and it was noticed earlier that this portal could be used in other projects as well. The project is now used by the community of more than 2,000 tokens, including Aave, Uniswap, and Sushi.
The funds will be used to enable the platform to be included in various DAO development kits such as DeepDAO and Boardroom, and to facilitate such background integrations, including scaling the project.
Fabien also hinted that Snapshot could be tokenized in a future airdrop of its own, given the community-driven nature of the project.
