Dao5 Secures $222M Fund to Back Initiatives for Blockchain Adoption in Government and Institutions

Crypto investment firm dao5 has successfully secured $222 million for a new fund aimed at investing in blockchain initiatives steered toward attracting institutional and governmental engagement. This latest capital boost elevates the firm’s total assets under management to $550 million.

Established in 2022 by Tekin Salimi, who previously served as a partner at Polychain Capital, dao5 has made pioneering investments in various projects such as Story Protocol, Bittensor, Berachain, and EigenLayer.

The firm’s inaugural fund, which was executed at the peak of the last bull market three years ago, is now fully allocated and has already yielded significant returns, compensating most of its commitments to limited partners, as detailed in a recent announcement.

Salimi commented on the evolving landscape of cryptocurrency, stating, “The sector is maturing. Reliance on mere speculation for growth is becoming less viable.”

He emphasized that future advancements will hinge on the genuine incorporation of blockchain technology into financial, governmental, and private sectors worldwide.

This new fund will concentrate on developing on-chain public infrastructure, innovative stablecoin systems, and “state-sovereign artificial intelligence.”

Alongside this fundraising, dao5 intends to transition its fund into a decentralized autonomous organization later this year. To facilitate this progression, George Lambeth, known for his past support of projects like Avalanche and Celestia, has joined as a General Partner.