CoW Protocol Raises $23 Million and Spins Out from Gnosis DAO

CoWDAO, the management team of the decentralized trading protocol CoW Protocol, has closed a $23 million funding round with participation from 1kx, Delphi Ventures, Dialetic, Blockchain Capital and others. The funds raised will be used to develop the CoW Protocol ecosystem, hire additional team members, fuel the project’s expansion into new chains where MEV protection is most needed, as well as to amplify the marketing activities of the protocol. CowDAO was reportedly able to spin out from Gnosis DAO by paying back 10% of the funds raised via this round.