Peter Thiel, Dragonfly Back New DAO in $230M Raise
Share this article
BitDAO has raised the capital to launch its decentralized autonomous organization.
BitDAO Closes Funding Round
BitDAO, one of the world’s largest decentralized autonomous organizations, has raised $230 million in a funding round.
Peter Thiel, Founders Fund, Pantera Capital, and Dragonfly Capital led the round, while other participants included Alan Howard, Jump Capital, Spartan Group, Fenbushi, and Synthetix founder Kain Warwick.
BitDAO says the funds will be used to launch its decentralized autonomous organization and “promote and propel the mass adoption of open finance and decentralized tokenized economy.”
A decentralized autonomous organization, or DAO, is a type of organization that runs without being controlled by one central authority. DAOs have a decentralized governance structure with finances visibly stored on a blockchain, usually Ethereum. DAOs are frequently discussed alongside DeFi in the crypto space, though they haven’t exploded in the same way just yet.
BitDAO’s press release lists the organization’s key areas of focus, which will include supporting DeFi through funding, research and development, and liquidity provision, providing grants, and employing talent for the space.
The project has already received early support from Bybit, which has committed a portion of its futures contracts trading volume to the treasury. A press release notes that the contribution equates to about $1 billion a year based on Bybit’s recent activity.
Importantly, the announcement notes that BitDAO will aim to “propel the growth of the overall ecosystem,” rather than any single project. In doing so, the announcement says, BitDAO hopes to “shape the future of finance for the benefit of all its participants.”
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Peter Thiel Backs New Crypto Exchange Built on EOS
Blockchain software company Block.one, the builders of EOS, has announced an upcoming cryptocurrency exchange backed by prominent investors Peter Thiel, Alan Howard, Louis Bacon, and Mike Novogratz. EOS Blockchain Revival…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
Billionaire Alan Howard Invests in Crypto Startup Copper
Alan Howard, the billionaire co-founder of the Brevan Howard hedge fund, has publicly invested in another two crypto startups: Copper and Kikitrade. Billionaire Adds to Crypto Boom British billionaire Alan…
Wyoming One Step Closer to Passing Landmark DAO Law
Wyoming lawmakers today came closer to putting a law into place that would grant company status to decentralized autonomous organizations (DAOs). At the Wyoming Legislature’s Corporations, Elections & Political Subdivisions…
