Ondo Finance raises $10 million in public token sale

Quick Take

  • DeFi platform Ondo Finance has raised $10 million in a token sale via CoinList.
  • Ondo was launched last year by former Goldman Sachs employees. 

Ondo Finance, a decentralized finance (DeFi) startup that provides structured investment products, has raised $10 million in a public token sale.

Sharing the news exclusively with The Block on Wednesday, Ondo Finance said more than 18,000 people bought its native ONDO token during the sale, which was conducted via CoinList on May 12 and 13 — just days after the implosion of the algorithmic stablecoin TerraUSD (UST).

Around 2% of ONDO's total supply was offloaded through the sale, Nathan Allman, co-founder and CEO of Ondo Finance, told The Block. The total supply of ONDO is 10 billion. The token's fully diluted valuation currently stands at $525 million, Allman added.

Ondo's public token sale comes two months after the firm raised $20 million in Series A funding co-led by Peter Thiel's Founders Fund and Pantera Capital.

Ondo was founded last year by Allman and Pinku Surana — two former Goldman Sachs employees — to provide structured products built on top of decentralized exchanges.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro