BitDAO Completes Private Sales With Over $230M

On Wednesday, BitDAO raised $230 million funds from initial partners after completing its private sale. Among other 20 plus firms and DeFi projects, other entities who participated in the project are Alan Howard, Jump Capital, Spartan Group, Fenbushi, and Kain Warwick Synthetix.

Of note, BitDAO is one of the world’s newest and largest DAO in the crypto industry. More so, the team aims to promote and propel the mass adoption of open finance and decentralized tokenized economy.

Consequently, Bybit (as an initial proponent of BitDAO) pledged a contribution of 2.5bps for its futures contracts trading volume. Thus, Bybit’s recurring contributions to BitDAO will scale with Bybit business growth and overall crypto growth.

Apart from this, BitDAO puts all of its support behind DeFi. In addition, it allocates significant financial and talent resources to drive DeFi growth specifically funding, liquidity, research, and development. Hence, BitDAO treasury becomes one of the largest pools of assets controlled by a DAO.

Among its initial focus, BitDAO plans to support many blockchain technologies and existing and emerging projects through token swaps. Hence, they affiliated R&D centers and engineers that help tackle technical challenges faced by the sector. Notably, BitDAO is a change maker for change-makers. In collaboration with DeFi and CeFi partners, BitDAO seeks to push not just any single proprietary chain, but ecosystem’s growth. They will work with change-makers to help drive the decentralized token economy and shape the future of finance for everyone.

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Source: https://coinquora.com/bitdao-completes-private-sales-with-over-230m/