- Dinari announces it raised $7.5 million in a seed funding round.
- The company says the fund will go to developing its dShare platform, which will enable non-U.S. users to trade shares of prominent U.S. companies.
- Third Kind Venture Capital, SPEILLP, 500 Global, and Balaji Srinivasan are some of the investors in the round.
Dinari, a California-based blockchain trading platform, recently announced that it has raised $7.5m in a seed funding round, a Bloomberg report reveals. The company says its regulatory-compliant platform will enable users outside the U.S. to buy shares of prominent U.S. companies and exchange-traded funds.
Notably, the company said the funds raised would go to building its blockchain-powered dShare Platform outside the US and expanding its offering. Through its platform, users outside the U.S. can gain exposure to publicly traded corporate equity securities safely and transparently.
Based on its blockchain infrastructure, Dinari says its dShare Platform offers transparency, immutable proof of ownership, instant settlement, and the ability to trade with a crypto wallet. However, the platform is non-custodial; hence users will have to use Arbitrum-based crypto wallets to trade and store their assets.
Tokens on dShare, such as the stablecoins USDT and USDC, are backed by matching underlying securities on a 1:1 ratio, unlike similar projects. Despite this, the business still faces regulatory issues in other countries. Co-founder and Chief Legal Officer of Dinari, Chas Rampenthal, however, highlighted that the investment round is one of the strategies for gradually improving the company’s market visibility.
Investors for the funding round included Third Kind Venture Capital, SPEILLP, 500 Global, and Balaji Srinivasan, former chief technology officer at Coinbase. Similarly, Sancus Ventures and Version One VC also joined as investors in the round.
Founded in 2021, Dinari has acquired a broker-dealer in the U.S. and registered with the Securities and Exchange Commission as a transfer agent. Thus, the company has the regulatory pass to distribute dividends and maintain records of securities ownership. According to the company, its long-term goal is to become an operating exchange for securities trading.
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