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.

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.

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.

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.

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.

The company has failed to attract members on it's Reddit community as well with r/ndau sitting with just 22 members.