Reputation DAO Raises US$4.75M in Seed Funding

reputation dao

Reputation DAO (f.k.a. Chainlink Oracle Reputation), a verifiable, decentralized and programmable reputation service for DeFi, raised US$4.75m (EUR€4.365m) in seed funding.

DACM, AirTree Ventures and Koji Capital were among the backers. Sergey Nazarov is the co-founder and advisor of Chainlink.

Reputation DAO is building the fundamental infrastructure, powered by Chainlink, for a comprehensive credit system to emerge in DeFi – the equivalent of a credit scoring system in traditional finance – to unlock under collateralized lending to a wider set of use cases and take DeFi mainstream.

Reputation DAO is the latest project launched out of Mycelium, an Australian-rooted global network building next-generation transaction technology, including Tracer DAO. Founders Pat McNab and Ash Morgan started building Reputation DAO in late 2019 to open up the black box of existing credit and reputation systems in DeFi, to create a transparently governed system enabling secure, confident interactions within the DeFi economy.

The funding will drive the development of the reputation infrastructure and scoring product.

By scaling their analytics engine, Reputation DAO can map off-chain data such as AML/KYC, traditional credit scores and social media data to enhance the assessment of account-specific risk metrics that are delivered into smart contracts to facilitate hundreds of billions in loans.

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