By Mark L. - Cryptocurrency Professional - 08-04-2021
Badger DAO, a decentralised finance protocol, revealed an upcoming collaboration with Fireblocks, a crypto asset management, coin storage, and DeFi cross-over platform for their institutional Bitcoin investing participants.
An announcement for the “strategic partnership” between Fireblocks and Badger DAO was released, stating the aim is to “to enable their 200+ institutional clients to securely hold Badger assets on their platform.” Clients will also be able to put their Bitcoin (BTC) investments “to work” through the Badger protocol.
In March 2017, Fireblocks introduced institutional access to Decentralised Finance through a partnership with the DeFi lending protocol Compound (COMP), one of the largest applications built on Ethereum (ETH). It has integrated a dozen more protocols since, including Synthetix (SNX) and Aave (AAVE). Clients comprise of prominent cryptocurrency funds, including Parafi Capital and Galaxy Digital, and raised a whopping $133 million in a funding event led my BNY Mellon.
When asked about the potential increase in total value locked Badger after being implemented to the growing list of protocols, founder Chris Spadafora refused to speculate, and instead demonstrated Fireblocks' scope and high-net worth clientele to give an indication of optimism.
The business planning process that brought together the DAO and the infrastructure provider was unique. According to Spadafora, a group member arranged an introduction between Fireblocks and the Badger DAO core team. Although it is not uncommon for the group to "kickstart" BD efforts with other DeFi protocols, this is just another example of a DAO collaborating with an institutional participant thus far.
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