Cryptocurrency News

A $230 Million Funding Backs the Launch of a New DAO

As the cryptocurrency and blockchain industries keep expanding, more products continue emerging and offering innovation and uniqueness to the industries. However, for any project to appear and make a name for itself, it needs to gain the trust of the stakeholders and investors.

Before the expansion of a project, it needs funds and the backing of investors who have strong ties with the space the project is to set foot in. BitDAO is also a new project that has been introduced in the decentralized finance sector.

According to the executives at BitDAO, it is a new project and will be playing its role in the decentralized space as a decentralized autonomous organization.

The team of developers has finally launched the new project BitDAO after the successful completion of a funding round. According to the firm, it has managed to generate an enormous amount of funds for the project to go on. The funds would also help the project expand its services and target more users for more exposure.

According to BitDAO, it managed to generate $230 million from the funding round. The particular funding round was led by Peter Thiel, a billionaire venture capitalist.

BitDAO made the announcement of the completion of the funding round on Tuesday, June 15, 2021. In the announcement, BitDAO also announced and confirmed the launch of the DAO. The firm has confirmed that it managed to generate such a large amount of funds with the help of private sales.

The private sale round was held among the initial partners of BitDAO. The firm has confirmed that the private sale round was led by Thiel as well as other investors. The name of other investment firms was Founder Fund, Dragonfly Capital, and Pantera Capital.

Several other investors had participated in the private sale funding round. The names of the firms include Jump Capital, Spartan Group, and Alan Howard, a billionaire hedge fund manager.

In addition to the above, other major personalities also took part in the private sale funding round. The first personality was Synthetix’s Kain Warwick & Fenbushi, a decentralized finance (DeFi) protocol.

The private sale funding round also witnessed that 20 more players had come up and contributed to the private sale funding round. As a result, the funding round ended up being a huge success and helped the firm generate $230 million.

The majority of the firms and personalities that took part in the funding round were mainly from the decentralized finance (DeFi) sector.

Bybit is known to be one of the largest derivatives exchanges in the entire world. ByBit is also known as one of the pioneers to trust the capabilities of BitDAO. The platform makes constant appearances for the funding rounds that take place on the BitDAO platform.

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