BitDAO, a decentralised autonomous organisation (DAO), raised $230m in a private funding round and announced the start of its operations.
The fundraising round was led by the organisation’s primary partners — Founders Fund, Pantera Capital, Dragonfly Capital and Peter Thiel. It was also supported by Alan Howard, Spartan Group, Jump Capital, Fenbushi and Kane Warwick of Synthetix.
One of BitDAO’s backers is the cryptocurrency exchange ByBit. The company has pledged to regularly contribute to the fund of the new organisation 2.5 basis points of the futures trading volume on its platform — about $1 billion a year, based on current metrics. As the DAO grows, the size of the contributions will increase.
The organisation will focus on financing projects in the decentralised finance space through grants and token swaps. It will also sponsor research projects in this sector.
According to the press release, BitDAO’s fund will become one of the largest liquidity pools controlled by a DAO.
A representative of the organisation told Cointelegraph that to implement its own solutions it would hire permanent staff and project teams, including consultants from Spartan and Dragonfly, as well as developers from Sushiswap.
In April, the liquidity aggregator from decentralised exchanges 1inch launched its own DAO, which is designed to govern its ecosystem.
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