BitDAO Raises $ 230 Million to Launch One of the World’s Largest DAOs

  • BitDAO has completed a private sale, with more than $ 230 million from potential clients (Peter Thiel, Founders Fund, Pantera Capital, and Dragonfly Capital) and other partners.
  • Bybit has promised recurring contributions to BitDAO
  • BitDAO aims to use its significant financial and talent resources to enhance innovation, collaboration, and growth across the DeFi space.

PANAMA CITY, Panama, June 16, 2021 – / African Media Agency (AMA) / – BitDAO, one of the world’s largest decentralized autonomous organizations, has completed a private sale of $ 230 million from initial partners led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital. Other participants in the project include Alan Howard, Jump Capital, Spartan Group, Fenbushi and Kain Warwick of Synthetix, among a total of more than 20 DeFi institutions and projects.

BitDAO will play a pivotal role in the growth of the decentralized tokenized economy BitDAO aims to promote and drive the mass adoption of open finance and decentralized tokenized economy.

As the initial BitDAO proponent, Bybit has pledged a 2.5bps contribution of its futures contract trading volume to BitDAO’s treasury, which in January-May 2021 is expected to have an execution rate of over $ 1 billion. by year. Bybit’s recurring contributions to BitDAO will scale with the growth of Bybit’s business and the overall growth of the crypto industry.

BitDAO’s initial focus: providing financing, R&D and liquidity BitDAO is fully supporting DeFi and will allocate significant financial and talent resources to drive DeFi’s growth, specifically funding, R&D, and liquidity.

BitDAO aims to support blockchain technologies through grants (a la Gitcoin) and to support existing and emerging projects through token exchanges.

BitDAO affiliated R&D centers aim to employ hundreds of talents to help design innovations and address the technical challenges facing the sector.

BitDAO’s treasury, with recurring contributions, will be one of the largest asset pools controlled by a DAO. These assets can be used to provide liquidity to partners and launch new protocols, such as decentralized exchanges (DEX), lending and synthetic protocols.

A change maker for change makers In collaboration with DeFi and CeFi partners around the world, BitDAO seeks to drive the growth of the broader ecosystem, rather than a single proprietary chain. BitDAO will work with changemakers to help drive the decentralized tokenized economy and shape the future of finance for the benefit of all its participants.

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