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Skolem Technologies has received funding worth $20 million in its recent funding round of Series A, led by Galaxy Digital
On Wednesday, data and trade execution service aggregator firm Skolem Technologies received investment in a recent funding round. The company serves primarily decentralized financial markets. Skolem has a system based on a deep understanding of smart contracts that underlies their system along with keeping security research at the center.
Skolem Technologies has received $20 million in a Series A funding round led by a prominent digital assets merchant bank, Galaxy Digital. The funding round was also joined by Jump Crypto, Point72 Ventures, Fenwick and West, Dragonfly Capital, and Morpheus Venture.
Founder and CEO of Skolem Technologies, JP Smith has said that the data and trade execution service provider aims to avail a safe and secure gateway for institutional investors who wished to go through decentralized finance (DeFi) markets. Smith also talked about the allocation of funds, which will go toward adding more staff and improving the technological capabilities of the company so that it will further enable smooth and frictionless access to decentralized finance (DeFi).
Researcher at Galaxy Digital, Will Nuelle said that today’s institutions have options where either they need to do all the stuff on their own related to tech and hire a whole bunch of engineers, or otherwise they can let Skolem do all the heavy lifting on their behalf.
Managing partner of Dragonfly Capital, Haseeb Qureshi said that DeFi space markets lack the much-needed safeguard protocols for institutions while warning about strict risks and requirements of reporting to get involved. Further Qureshi also noted that the team of Skolem Technologies has created a quite simple, still cutting edge solution that would enable decentralized finance to reach and work at its full potential.
The deal came in the wake of a drop observed in the activities of defi-focused venture deals in the month of May that reached its lowest since September last year, according to data. For the first time, the funding came in $176 million since July 2020 when DeFi was not among one of the most popular types of deals as per The Block Research analyst, John Dantoni.