Decentralized trading platform prePO has completed a strategic round raising $2.1 million. Per a press release shared with Bitcoinist, the funds will be used to bring private markets to the mainstream.
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The round was led by Republic Capital and IOSG Ventures, and other investors. These include MEXC, AscendEX, GCR, Shima Capital, Caballeros Capital, Dexterity Capital, HoneyDAO, NeptuneDAO, founders from Gnosis, and 1inch, Moombeam, BarnBridge, and others.
The strategic round follows a 2021 seed round which saw participation from The LAO, Maven 11, Apollo Capital, Koji Capital, and many more. The seed round was able to raise $1.1 million.
The project attempts to provide users with access to private markets by giving them access to trading products. In that way, a user can bet on the success or failure (go long or short) of pre-Initial Public Offering (IPO) companies.
An IPO enables private entities to buy shares from a company before it debuts on the public market. Consider as a product for the elites, before prePO, retail investors were lockout of participating in these private offerings.
Therefore, they were unable to benefit from a company’s public market debut. Now, retail investors can benefit as much as the Venture Capitalist (VC) and Wall Street insiders. Xavier Ekkel, founder at prePO, said the following on the successful round:
We’re incredibly grateful to have such an all-star group of backers. Their industry expertise, deep networks, funding, and long-term support, will be invaluable in accelerating the growth of prePO.
The project will launch its platform, as the release claims, on the Ethereum scaling solution Arbitrum after the launch of its native token PPO. Brian Johnson, Head of Crypto at Republic Capital, said:
We believe prePO’s approach to synthetic pre-public assets is a game changer for those who have not been able to participate in the private markets before.
A prePO Revolution, How You Can Join
PPO will be used to incentivize holders and their active participation on the platform. The token will support the platform’s governance token but will also operate as its utility token.
Users can enter the token sale whitelist by clicking the following link. By signing up for this offer, users can earn extra rewards.
PPO will allow traders to earn it by ranking in leaderboard contests, staking it, participating in the market’s comment section, and more. The token will be sent as a reward for the users participating in the platform’s governance model.
followed shortly by our V1 platform launch on @arbitrum (just finished our audit!)
Let’s democratize pre-public investing! 🔥
— prePO 🔮 – We're hiring! (@prepo_io) March 23, 2022
PPO stakers will receive an additional token in the Ethereum ERC-20 format called PPO Power. This token will let users multiply their rewards.
Ray Xiao, Principal at IOSG Ventures, added:
prePO’s breakthrough design ensures that adequate liquidity exists for speculation, and that liquidity providers are risk-limited and rewarded meaningfully.
At the time of writing, Ethereum (ETH) trades at $3,000 with a 2% profit in the 4-hour chart.