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BitDAO has raised $ 230 million to invest in crypto projects through a private token sale. The fundraiser 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, has pledged a share of the futures trading volume that could rise to over $ 1 billion per year at the January-May 2021 rate.
BitDAO token holders can vote on which projects to invest in. The investment will be done through token exchanges, with BitDAO dispersing the ether and USDT in exchange for tokens issued by the project. The company plans to allocate significant financial resources and talent to drive the growth of decentralized finance (DeFi).
We think BitDAO is going to be one of DeFi’s most exciting projects, Haseeb Qureshi, Managing Partner of Dragonfly, said in an email to CoinDesk.
The company said BitDAO’s treasury is on its way to becoming one of the largest pools of assets controlled by a DAO.
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