Partnerships with reputable companies like Coinbase are hailed as a badge of honor in crypto; a quality seal which often attracts token buyers. Unfortunately, those badges aren’t always real, and that may be the case with billionaire Tim Draper-backed DeFi project DMM.
“The company is not aware of any partnership with DMM,” a Coinbase spokesperson said in an email.
Image source: defimoneymarket.com
DMM CTO Zachary Rynes said in a Twitter message the partnership in part refers to the company’s integration with Coinbase Wallet’s WalletLink. But Coinbase Wallet is a separate product from Coinbase and WalletLink SDK is open to anyone who wants to integrate with it; it doesn’t constitute a partnership.
DMM this week raised $6.5 million in less than two days by listing its DMG token on decentralized exchanges. The token has more than doubled in price and yesterday had the highest trading volume on Uniswap after ETH.
But the sale was not without its hiccups, as a Telegram scam and confusing sale interface caused some buyers to lose money. More on that in yesterday’s Defiant.
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About the editor: I’m Camila Russo, a financial journalist writing a book on Ethereum with Harper Collins. (Pre-order The Infinite Machine here). I was previously at Bloomberg News in New York, Madrid and Buenos Aires covering markets. I’ve extensively covered crypto and finance, and now I’m diving into DeFi, the intersection of the two.