The founding team of xStocks has a background in DAOstack, which halted operations after raising $30 million.

Gate News bot message, according to LinkedIn information, the three co-founders of the stock tokenization issuer xStocks, the company Backed Finance, previously worked at DAOstack.

According to ICO Drops data, DAOstack raised approximately $30 million through multiple rounds of financing from the fourth quarter of 2017 to May 2018. Specifically, this includes: $21.909 million raised in the private round at a price of $0.708, with participation from institutions such as Culture, Endor Protocol, Gnosis, and Menlo One; $4.69 million raised in the presale round at a price of $0.856; and $3.4 million raised in the ICO round at a price of $0.9423.

DAOstack announced its closure at the end of 2022, citing that the funds raised through the GEN Token sale in 2018 had been exhausted.

Source: @cryptobraveHQ