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Company behind struggling coin ndau claims to raise another $5 million

Company behind struggling coin ndau claims to raise another $5 million

Oneiro, the company behind cryptocurrency ndau, announced that it has secured a $5 million investment from Cosimo Ventures. So far, even after millions of dollars of investment, the project has had limited adoption and abysmal trading volume.

Oneiro gets cash injection from Cosimo Ventures

Oneiro, a Boston-based blockchain company that claims to have created the world’s first “buoyant” cryptocurrency, just completed a funding round that will allegedly help bring the project to the masses. Oneiro, the company behind ndau, announced that it raised $5 million from Cosimo Ventures in a Series A investment round.

The company claims that the latest $5 million investment is the second time Cosimo Ventures has supported them. In February 2018, Cosimo invested $3 million, bringing the total venture capital investment to date to $8 million.

Apart from the massive investment the company secured, it also appointed a new CEO, Dhesi Ananchaperumal. He said he was thrilled to join Oneiro during this “exciting” investment period, adding that he plans on leveraging his experience and expertise to drive new innovation and partnerships.

Reward for lackluster traction? 

Oneiro is yet to deliver on any of the promises it made. While mature in crypto terms, ndau is yet to see adoption. The company said it created the coin to provide a long term store of value and plans on using the investment to further develop pain points associated with other stablecoins, such as inflation and volatility risk.

Oneiro’s monetary policy encourages users that hold and lock their coins, while maintaining a supply that is controlled by “market demand.” Users are incentivized to hold their coins by rewards that increase with the number of months their ndau is kept in the wallet.

However, ndau’s trading volume is yet to surpass $100,000. 

The company claims to have sold nearly $17 million worth of ndau to “accredited investors,” but did not disclose the market cap of its coin. 

Source : BitMart

If ndau’s policy of increasing its price according to market demand is true, then it should have seen a significant increase in price after an influx of over $17 million as the company claims. However, the coin’s price remained almost unchanged since its launch on Sept. 30, standing around $17.4. 

The token is only listed on Bitmart. The button to purchase ndau on Oneiro’s official website is a referral link to the signup page for crypto exchange BitMart. The company has failed to attract members on it’s Reddit community as well with r/ndau sitting with just 22 members.

Posted In: , Analysis, Venture Capital
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Priyeshu Garg
Author

Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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