xStocks Founders Previously Worked at Defunct DAOstack
xStocks’ three co-founders previously worked at DAOstack, a project that raised $30M but shut down in 2022 due to funding issues.
- xStocks founders all previously worked at DAOstack.
- DAOstack raised $30 million before closing in 2022.
- xStocks is gaining attention for tokenizing real-world stocks.
xStocks Founders Share DAOstack Roots
The team behind xStocks, the emerging stock tokenization platform, appears to have deep roots in earlier blockchain ventures. According to LinkedIn data, all three co-founders of Backed Finance—the company behind xStocks—previously worked at DAOstack, a decentralized governance project that operated from 2017 to 2022.
DAOstack was once a prominent name in the crypto space. It raised nearly $30 million through private funding rounds, token pre-sales, and an ICO held between late 2017 and mid-2018. Despite its early momentum, DAOstack ultimately ran out of capital and announced its closure at the end of 2022.
Experience Fuels Innovation
While DAOstack didn’t survive the long haul, its core team has now pivoted to building real-world asset tokenization products through xStocks. This transition shows how experience—even from projects that don’t succeed—can drive the next wave of innovation in Web3.
xStocks has recently gained attention for issuing stock tokens that represent real shares in companies like OpenAI and SpaceX, expanding access to private equity investment through blockchain.
With its founders’ past rooted in DAO infrastructure and governance, xStocks may be well-positioned to blend crypto-native principles with emerging fintech strategies.
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