Swiss firm raises $15M to build out DeFi data platform

Investments • August 20, 2020, 5:43PM EDT
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A Swiss firm says it plans to build an open-source financial data product reminiscent of Bloomberg's offerings — and it just raised over $15 million for the project. 

DIA is a data platform focused on the decentralized finance (DeFi) space. The company has its sights set on becoming a fully decentralized autonomous organization (DAO) in the next five years.

To raise capital for the project, it conducted a private sale and bonding curve distribution — an innovative token sale model by which the value of the token increases algorithmically with each new purchase — that netted $15 million from nearly 10,000 investors. Outlier Ventures, TRG and Jun Capital are also among those backing the project.

The funds will be used to develop a service that will provide community-sourced and validated financial data for DeFi. The raise will also bolster its grant program, DIA Labs, which offers qualifying industry players access to the platform via the DIA token. 

The bonding curve sale offered 30 million tokens, which accounted for 15% of the total minted supply. 

AUTHOR

Aislinn Keely profile picture Aislinn Keely

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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