MIDAO Secures $1 Million in Fundraising to Expand Legal & Regulatory Architecture for Web3 & Decentralized Autonomous Organizations (DAOs)
The Republic of the Marshall Islands’ exclusive registry for DAOs will use new funding to develop as a global leader for DAOs to receive legal recognition.
MARSHALL ISLANDS, July 20, 2023 (GLOBE NEWSWIRE) — Today, MIDAO, the leading provider of DAO registry services worldwide, announced the successful completion of a $1 million fundraise to further expand its innovative legal & regulatory framework for Web3 projects & decentralized autonomous organizations. This investment round, including prominent investors Balaji Srinivasan, FJ Labs, and The LegalTech Fund, underscores the growing recognition and confidence in MIDAO’s ability to revolutionize the legal landscape for Web3 & DAOs.
With a partner network of over 300 vetted web3 lawyers, this fundraise will enhance MIDAO’s core offering to provide legal recognition for Web3 projects & DAOs and help ensure liability protection for contributors, expand their global partner network of Web3 lawyers and professional service providers, and broaden the reach of MIDAO’s services globally. The company’s mission is to empower Web3 organizations across industries to confidently access legal & regulatory frameworks, attract existing DAOs looking for legal recognition, and explain why the Republic of Marshall Islands (RMI) legal system is more friendly to Web3 & DAOs than other jurisdictions in the world.
“We are privileged to have found a nation that understands the transformative power of blockchain and decentralization – the Republic of the Marshall Islands – and welcome any organization, DAO or otherwise, to explore why the RMI has the best legal environment for Web3 projects. Amidst the current transformative phase in the crypto industry and the global conversation around regulating this sector, it is essential for our community to get serious about the legal status of their operations,” said Adam Miller, CEO of MIDAO.
“As we witness the exponential growth of decentralized organizations, it becomes increasingly important to establish robust legal frameworks that enable their seamless operation. MIDAO’s innovative approach to governance aligns perfectly with the needs of DAOs, offering a comprehensive solution to address regulatory challenges,” said Jeff Weinstein, partner of FJ Labs, an early-stage venture capital firm.
“We are excited to partner with MIDAO as they continue to transform the conversation around entity formation in a decentralized world and are excited to be along for the journey.” said Zach Posner from The LegalTech Fund.
The new funding will also support MIDAO’s expansion plans, including the strengthening of its sales and marketing efforts, continuing to create Web3-friendly legislation, talent acquisition, and strategic partnerships to increase market presence and enhance customer support.
About MIDAO
MIDAO incorporates Web3 projects and Decentralized Autonomous Organizations (DAOs) in the Marshall Islands, the only jurisdiction to recognize DAOs as they truly are – decentralized. MIDAO facilitates the process by handling everything from setting up legal entities, to providing a physical mailing address and submitting annual filings. MIDAO believes incorporation should be fast and easy so Web3 projects and DAO contributors can focus on building.
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