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Galaxy Digital Leads $20M Funding Round in DeFi Firm Skolem

Skolem provides data and trade execution services for institutions to access decentralized finance markets.

Updated May 11, 2023, 6:46 p.m. Published Jun 8, 2022, 1:15 p.m.

Skolem Technologies has raised $20 million in Series A funding that was led by Galaxy Digital, according to a statement Wednesday.

Skolem, which provides data and trade execution services for decentralized financial markets, said it plans to use the capital to build its team, as well as scale the platform’s capabilities to grow the DeFi market by “orders of magnitude,” the company said in a statement.
Additional investors in the round included Point72 Ventures, Jump Crypto, Fenwick & West, Morpheus Ventures, and Dragonfly Capital.
“DeFi markets are constantly evolving, making it difficult for institutions to easily trade, record and engage in the market in a secure and dependable way,” JP Smith, Skolem’s founder and CEO, said in a statement. “At Skolem, we are firm believers that DeFi will change our world over the next decade, and we are committed to increasing access to this important market by developing a scalable platform that can safely provide an entry point.”

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Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.