VC firm Founders Fund and Pantera Capital co-led the round. This is the first time Founders Fund has led an investment in a token-based project. Founders Fund has previously participated in a token round for Parallel Finance.

The fundraising was via an equity round but with token rights. Its native token ONDO and a decentralized autonomous organisation (DAO) are expected to launch soon.

Other investors in Ondo's Series A funding included Coinbase Ventures, Tiger Global, GoldenTree Asset Management, Wintermute, Flow Traders, and Steel Perlot, a deep tech management company led by former Google CEO Eric Schmidt.

Ondo provides investment products known as ‘vaults’ built on top of decentralized exchanges. It offers two types of vaults: fixed yield and variable yield. Depositors in fixed yield vaults receive a fixed percentage of yield over their initial investment. Depositors in variable yield vaults receive all excess returns after the fixed yield vaults receive their payout.

Ondo also provides Liquidity-as-a-Service to DAOs. It pairs DAOs with underwriters (for now, stablecoin issuers) to establish liquidity pools. DAOs provide their governance token and underwriters provide a base like stablecoins, which Ondo uses to establish liquidity providers.

Ondo currently only supports Ethereum-based protocols on its platform. It plans to integrate several Layer 2 networks and alternative Layer 1s in the near future.

The Series A round brings Ondo's total funding to date to USD 24 million.