HomeCoinsEthereum (ETH)Decentralized exchange DODO raises $5 million via private token sale

Decentralized exchange DODO raises $5 million via private token sale

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Decentralized exchange DODO has raised $5 million via a private sale of its new DODO exchange token. The money was raised at a valuation of $50 million, the team said via an announcement on Medium.

The Ethereum-based “on-chain liquidity provider,” which uses what it calls a “proactive market maker” algorithm to mimic human market maker behaviors and effectively allocate funds near market price, launched in August. The new funding follows a $600,000 seed round, which was announced August 28.

DODO has allotted 10% of the total supply of DODO tokens to the private sale investors and sold them at a price of $0.05 per DODO. The private sale will have a 6-month lockup period, after which 10% of the private sale allocation will immediately release. The remaining 90% will release linearly over the next year, according to the announcement. 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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