In a recent development, Kelp DAO has successfully garnered $9 million in a private sale round. The round was spearheaded by SCB Limited and Laser Digital. Despite the optimistic news, the overall market sentiment remains pessimistic due to the ongoing global regulatory scrutiny on the blockchain industry.

The funds raised will be utilized to expand Kelp DAO's presence into other ecosystems, including Solana and Bitcoin. This move signifies an ambitious attempt to diversify and strengthen its position in the volatile crypto market. However, the prevailing market conditions, marked by regulatory uncertainties and fluctuating crypto prices, cast a shadow over the expansion plans.

While the investment might provide a temporary boost, the long-term sustainability of such ventures remains questionable in the current regulatory climate. The industry awaits more clarity on the global regulatory front to navigate the challenges ahead.