BitDAO Successfully Raises Record Fundraising Breaking All Previously Set Bars By Related ICOs

UTC by Juhi Mirza · 2 min read
BitDAO Successfully Raises Record Fundraising Breaking All Previously Set Bars By Related ICOs
Photo: Depositphotos

BitDAO has managed to raise $369 million in a striking fundraiser and has broken all previous records set by competitors and related ICOs.

BitDAO, which is the world’s leading DAO has successfully managed to raise $369 million in a fundraiser. There is still an ongoing allocation facilitated through the SUSHI pool.

BitDAO has been gradually working to establish open finance and a decentralized economy and now has successfully been able to raise funds that are bordering $400 million. According to CoinMarketCap, the current market price of BitDAO’s BIT is $1.82.

BitDAO had recently made headlines when the company had established contacts with Bybit, a leading cryptocurrency derivative exchange who had announced on their official platform to support BitDAO financially and had also contributed $19.3 Million in USDT, ETH, and USDC to the BitDAO’s treasury.

BitDAO has been working on developing and implementing an innovative DAO treasury in hopes to cultivate and foster the DeFi prospect of the financial system. The particular DeFi protocol has been actively involved in finding solutions via supported projects and undertakings to help people adapt to the growing cryptocurrency culture. BitDAO has claimed to receive backing from prominent personalities and blockchain proponents such as Peter Theil, DragonFly, Panthera, etc. Bybit, being the newest addition has made the organization one of the leading DAOs to help facilitate DeFi across the region. The organization has also expressed its plans to contribute financial grants and assistance to blockchain startups to help them continue with their research and development on related elements of blockchain and cryptocurrency as well as have active plans to connect with other networks via token swaps and co-development efforts.

BitDAO had also collaborated with SUSHI MISO to launch their native cryptocurrency called BIT token. The token was made available to users via an online auction where early bidders would get a 40% discount on BIT token airdrops. The platform had also facilitated the sales to be made using ETH, or SUSHI. The auction is currently live and will continue to be online till August 30, 2021( UTC 13:00). SUSHI MISO is a launchpad powered by DeFi protocol SushiSwap that will be assisting BitDAO in hosting the token launch auction.

At present, the BitDAO treasury holds $44,677,759 in ETH, $16,629,119 in USDT and $16,629,020 in USDC.

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