Peter Thiel Leads $230M Funding Round for BitDAO

Another day, another DAO with a boatload of money. BitDAO has raised $230 million in a funding round led by PayPal co-founder Peter Thiel, Thiel's Founders Fund, Pantera Capital, and Dragonfly Capital – all of which were early backers of the project. tokenized economy.” Other financiers include Alan Howard, co-founder of Brevan Howard Asset Management, and Kain Warwick of Synthetix. Singapore-based crypto exchange ByBit regularly contributes to futures contract trading that can inject hundreds of millions of dollars into the fund. ': How A New Wave of CypherPunks Is Disrupting Venture Capital According to a press release, BitDAO will use its war chest to fund grants, recruit developers to assist blockchain teams, and pump liquidity into decentralized finance (DeFi) projects that offer bank-like services without banks. DAOs, or decentralized autonomous organizations, use smart contracts on a blockchain platform, essentially allowing their members to commit tokens for certain governance decisions. Although they have been used in recent years to manage DeFi protocols, they are gaining popularity as venture capital tools. DAOs target pro It can pool members' assets and monetize their investments, increasing the likelihood that their business will succeed NeptuneDAO launched with $20 million in April with a plan to provide liquidity to decentralized funding protocols. The WallStreetsBets founder started a DAO in May from pumping meme stocks to rebalancing token holders' stock portfolios. And former Huobi director Sharlyn Wu brought together big names at DeFi this month, including Warwick and Compound founder Robert Leshner, to guide yield farmers to the best projects for AladdinDAO. With $230 million in pipeline, BitDAO is ready to go.

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