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BitDAO Raises $230M for Decentralized Crypto Investment Fund

It plans to use the funds to support blockchain projects through token swaps.

Jun 16, 2021 at 4:39 p.m. UTC
Updated Sep 14, 2021 at 1:12 p.m. UTC

BitDAO raised $230 million to invest in crypto projects through a private token sale. The fundraising round was led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital, the company said in a statement. Other participants included Alan Howard, Jump Capital and Spartan Group.

Bybit, the Asian cryptocurrency exchange, pledged a share of futures contracts trading volume that could amount to more than $1 billion a year at the January-May 2021 run rate.

BitDAO token holders get to vote on which projects to invest in. Investment will take place through token swaps, with BitDAO dispersing ether and USDT in exchange for tokens issued by the project. The company plans to allocate significant financial and talent resources to drive the growth of decentralized finance (DeFi).

“We believe BitDAO is going to be one of the most exciting projects in DeFi,” Dragonfly Managing Partner Haseeb Qureshi said in an email to CoinDesk.

The company said the BitDAO treasury is on track to become one of the largest pools of assets controlled by a DAO.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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