We are excited to announce the sale of ONDO tokens via CoinList to over 18,000 purchasers. Over $10MM was raised via the sale across two tranches at a weighted average network valuation of $525MM.
The success of the sale in these turbulent market conditions is a testament to the long-term orientation of our community. Over 4,000 network participants were given access to CoinList's "Priority Queue" based on their participation in, and contribution to, the Ondo community. The tokens were sold across two tranches with token-specific lock-ups that ranged between 18 and 30 months in total length, in addition to a global transfer restriction that must be waived by DAO governance for any tokens to be transferable.
The proceeds will be used to continue the development of Ondo as an open, decentralized investment bank. By automating and bringing typical investment banking services on-chain, Ondo is working to bridge the gap between TradFi and DeFi.
Combined with the $20MM raised earlier this year led by Founders Fund and Pantera Capital, and the $4MM raised last year led by Pantera Capital, we are well-positioned to continue building throughout the bear market.
What is Ondo?
Ondo Finance is building a decentralized investment bank. Like a traditional investment bank, Ondo aims to be a hub matching those who have capital with those who need it through the creation of customized financial products (e.g. equities, bonds, structured products, derivatives, etc.) that organizations can offer to investors to raise money. Historically, this work has often been highly manual, expensive, and reliant on intermediaries.
Decentralized finance (DeFi), however, presents novel infrastructure and financial primitives to enable investment banking activities that are automated, composable, and accessible to everyone. Ondo's focus is to build software that finds attractive investments across the traditional and DeFi landscape, repackages these assets into easily understood risk/reward offerings, and then matches and offers these assets to both institutional and retail investors.
We are hiring across engineering, product, and operations, and are especially focused on building out our new capital markets team, which is focused on adding traditional forms of credit into our products. You can see open roles here: https://jobs.lever.co/ondofinance
Ondo is being developed by a team of traditional banking veterans and DeFi experts. Our team includes alumni from Goldman Sachs Digital Assets and Blockchain R&D, Facebook, Microsoft, Symbiont, BadgerDAO, private equity funds, hedge funds, and various venture-backed start-ups.
This announcement has been written and published by Ondo Finance Inc. and provides no guarantee, commitment, or undertaking to utilize any of its assets, funds, properties or personnel, Ondo Protocol users or other protocol participants. Ondo Finance does not owe, and does not intend to assume, any duties or obligations to Ondo Protocol users or participants, other than duties or obligations arising under laws of general application, such as non-waivable torts.
To the maximum extent permitted by applicable law, all software relating to Ondo Protocol is being provided on an as-is, where-is basis, with no representations or warranties being made to Ondo Protocol participants and with no liability to Ondo Finance or any other person involved in the development of Ondo Protocol. The statements set forth in this announcement also are not intended to be representations, warranties, guarantees or assumptions of duty or liability of any kind, and Ondo Finance hereby disclaims the foregoing and will not be liable for any damages arising from use of Ondo Protocol. In the event of any conflict or inconsistency between this announcement or any other communication and the terms of any software license involved in Ondo Protocol, the terms of the software license shall govern to the exclusion of this announcement and such other communications.
The forward-looking statements in this announcement are subject to numerous assumptions, risks and uncertainties which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if our anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement. We reserve the right to change the plans, expectations and intentions stated and implied herein at any time and for any reason or no reason, in our sole and absolute discretion, and we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
This announcement is not intended to provide legal, financial or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement.