CitaDAO Closes $1 Million Builders Round to Bring Real Estate Onto DeFi
SINGAPORE, September 27, 2021 (Newswire.com) - CitaDAO, a Decentralized Finance (DeFi) platform for Real Estate, has successfully closed its $1 million Builders Round, with participation from venture capital funds Sora Finance, SNZ Capital, and Origin Capital. The round also included leaders of other successful blockchain and DeFi projects such as Synthetix, C.R.E.A.M Finance, Mercurial Finance, Manta Network, Kyber Network, Alpha Finance, Binance, MakerDAO, and Bitgo, as well as executives from the real estate industry such as Parmenion and CBRE. Other strategic investors who participated in the round included individuals from MetaCartel Ventures and Nansen.ai community.
This Builders Round was launched to accelerate CitaDAO's talent acquisition plan and speed up the platform development. The contributors of the round have committed resources to scale the platform and grow the CitaDAO ecosystem of complementary products.
CitaDAO is building a platform that creates easier, borderless, transparent, and scalable access to real estate for the community. By tokenizing and transacting real estate on-chain, Citadao aims to solve the lack of liquidity, access limitation and lack of composability in existing real estate community. With DeFi gaining popularity over the past years, the ecosystem needs alternative sources of yield generation beyond the lending protocol and trading fees. Real estate is an asset that has a proven track record of value and real-world income stream that will provide an instrument with higher and more sustainable yields in the DeFi ecosystem.
Joel Lin, founding member of CitaDAO, said, "We believe bringing real world assets on-chain is critical for the next phase of DeFi growth and adoption. Real Estate on-chain will transform DeFi and grow existing DeFi markets, such as collateralized loans, into a trillion dollar TVL ecosystem."
Jason Fang, Managing Partner from Sora Ventures, said, "CitaDAO team brings together the best of real estate space and deep DeFi experience that shares the customer obsession mentality and passion for the DeFi ecosystem that we see in other successful projects in the space."
CitaDAO team brings with it an exceptional mix of backgrounds in real estate and technology as well as cryptocurrency. The team members were previously from UBS, CBRE, Uber, Amazon Web Services, Google, Binance, MakerDAO, CapitaLand, and Coinmarketcap.
About CitaDAO
CitaDAO is a Decentralized Finance (DeFi) platform for Real Estate to be tokenized on-chain, built on the Ethereum ecosystem. CitaDAO aims to solve the lack of liquidity, access limitation and lack of composability in existing real estate ecosystem by creating interoperability with other DeFi applications/primitives that operate on the Ethereum protocol. Real estate token allows the community to diversify their portfolio on-chain to generate stable yield through real world assets that have constant liquidity through AMM.
Source: CitaDAO
