BitDAO raised $ 230 million on Tuesday from a private token sale led by PayPal co-founder Peter Thiel.
Popular decentralized autonomous organization BitDAO recently confirmed that it raised $ 230 million in a funding round led by Peter Thiel. Several high-profile individual investors and other institutions also took part in the fundraising. Some of the early partners who joined the billionaire entrepreneur to raise funds include Alan Howard, Jump Capital, Spartan Group, Dragonfly Capital, Pantera Capital, and Founders Fund.
The development coincides with a $ 65 million Series C funding round led by investment firm Paradigm for DeFi Exchange dYdX. BitDAO is a newly formed decentralized autonomous organization with the potential to grow rapidly and become a global leader in its niche. The organization stated that it intends to “Shaping the future of finance for the benefit of everyone involved. “
The crypto derivatives exchange platform ByBit also stood out as an early supporter of BitDAO. The exchange pledged to provide more support to the organization and pledged to make a significant 2.5 basis point contribution to its future contracts and trading volume. BitDAO estimates that the offering will be more than $ 1 billion per year for the January to May 2021 period.
The recurring posts that ByBit has promised will potentially help keep BitDAO relevant in the crypto industry. The organization’s Treasury Department is reportedly well on its way to becoming one of the largest asset managers among DAOs. BitDAO stated that it would focus on collaborative actions with other industry players to boost the overall growth of the ecosystem, rather than a specific component in DeFi.
According to the organization, part of the funds would be used to offer [its] Partner liquidity and support some of the newer platforms in the decentralized finance space. It also promised to invest in human and financial resources from the start to help drive the growth of the sector. Thanks to the raised capital, some blockchain projects can also secure grants from the company, while other newer and emerging projects receive token swaps. BitDAO will support other blockchain technologies even though it is based on Ethereum.
The decentrally funded sector has seen tremendous growth, with DAOs becoming popular tools for monitoring development. DeepDAO, a data analytics site for DAOs, reports that decentralized autonomous organizations currently manage more than $ 550 million in assets. It is expected that this number will continue to grow as new DAOs are set up and existing DAOs grow.