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

Place/Date: - June 16th, 2021 at 3:14 pm UTC · 2 min read
Source: BitDAO

BitDAO, one of the world’s largest decentralized autonomous organizations, has completed a $230 million private sale 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 institutions and DeFi projects.

BitDAO to Play a Pivotal Role in Growing the Decentralized Tokenized Economy

BitDAO aims to promote and propel the mass adoption of open finance and decentralized tokenized economy.

As an initial proponent of BitDAO, Bybit has pledged a contribution of 2.5bps of its futures contracts trading volume to the BitDAO treasury, which at January-May 2021 run rate is expected to be more than $1.0 billion per year. Bybit’s recurring contributions to BitDAO will scale with Bybit business growth and overall crypto industry growth.

BitDAO’s Initial Focus: Providing Funding, R&D and Liquidity

BitDAO is putting its full support behind DeFi and will allocate significant financial and talent resources to drive DeFi growth — specifically, funding, R&D and liquidity.

BitDAO aims to support blockchain technologies through grants (à la Gitcoin), and support existing and emerging projects through token swaps.

BitDAO affiliated R&D centers aim to employ hundreds of talents to help engineer innovations and tackle technical challenges faced by the sector.

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

A Change Maker for Change Makers

In collaboration with DeFi and CeFi partners around the globe, BitDAO seeks to propel the growth of the overall ecosystem, instead of any single proprietary chain.

BitDAO will work with change makers to help drive the decentralized tokenized economy and shape the future of finance for the benefit of all its participants.

About BitDAO

BitDAO is one of the world’s newest and largest decentralized autonomous organizations, formed with the vision of leveling the economic playing field for every person in the world through the acceleration of the decentralized tokenized economy.

For more news and latest updates please visit BitDAO Medium and GitHub accounts, follow the team in Discord. Feel free to join BitDAO community in Telegram and Twitter.

Disclaimer This release must not be published or distributed, directly or indirectly, in or into the United States or any other jurisdiction in which such publication or distribution is prohibited by law. This release is for informational purposes only and does not in any way constitute investment advice or an offer to sell, or the solicitation of an offer to buy, any crypto assets or any securities. No securities may be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements. This release includes forward-looking statements, which are statements that are not of historical facts. Forward-looking statements by their nature involve risks and uncertainties, which are difficult to predict and could cause actual results or outcomes to differ materially from the forward-looking statements. BitDAO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release or to reflect new information or the occurrence of unanticipated events.

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