Aug 31, 2021 - Economy & Business

Decentralized investing platform Syndicate raises $20 million

A crinkled dollar bill with lines of code
Illustration: Sarah Grillo/Axios

Syndicate, a decentralized investing platform, raised $20 million in Series A funding led by Andreessen Horowitz.

Why it matters: Crypto is coming for investing, and not just as an asset in which to invest. Syndicate's mission is to make it easier to create DAOs, or decentralized autonomous organizations, which basically enable groups of people to invest collectively and transparently.

  • Other investors include Bill Ackman's Table Management, Coinbase Ventures, Sound Ventures, Thirty Five Ventures, Alexis Ohanian and Snoop Dogg.

The big picture: FTX agreed to buy LedgerX, a crypto derivatives firm that had raised around $35 million from firms like Lightspeed, GV, Miami International and Digital Finance Group.

The bottom line: "DAOs are basically shared bank accounts on the blockchain with tools meant to facilitate group decision-making," CoinDesk's Cheyenne Ligon, writes.

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