# xBacked DAO

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/xbacked-dao

- Industry: Financial Services
- Headquarters: US
- Website: www.xbacked.io
- Total disclosed funding: $1.5M
- Latest round: Seed (Jan 8, 2022)
- Investors on record: 3

## About

Based in the US, xBacked DAO operates as a decentralized autonomous organization on the Algorand blockchain. In January 2022, xBacked DAO raised USD 1.5 million in seed funding from new investors, Bordless Capital, Delphi Digital, and Mechanism Capital.

The company is a decentralized autonomous organization (DAO) that is developing a decentralized, permissionless stablecoin on Algorand that is totally backed by crypto assets rather than centralized assets. The stablecoins on Algorand begin with "xUSD". Unlike Tether or USDC, "xUSD" is backed by crypto assets (similar to DAI on Ethereum).

## Funding rounds

- Seed, Jan 8, 2022, $1.5M — Delphi Digital, Mechanism Capital, Bordless Capital

## Investors

- Delphi Digital — Seed
- Mechanism Capital (https://capitalatlas.ai/funds/mechanism-capital) — Seed
- Bordless Capital — Seed