BitDAO, in a recent fundraising round, raised $230 million for investment in crypto projects through a private sale. The fundraising round was led by Peter Thiel, Founders Fund, Pantera Capital and Dragonfly Capital.
BitDAO is a major decentralized autonomous organization focused on jumpstarting potential DeFi projects. They’re currently focusing on resolving Bitcoin’s persistent throughput issues, and Ethereum’s high transaction cost. Their multi-chain design intends to challenge centralized pegged tokens posing censorship and counterparty risks through a fast and affordable decentralized solution.
Other participants included Alan Howard, Jump Capital and Spartan Group.
The organization’s BDAO governance and the token is pegged to the value of Bitcoin and is planning to introduce other pegs in the future for cryptocurrencies like Ethereum.
The fresh capital received from this round will be allocated to multiple areas of operation, including R&D, funding, and liquidity operations.
The company is already equipping itself for allocating significant financial and talent resources to drive the growth of Decentralized Finance (DeFi).
BitDAO token holders can now vote on which projects the company should invest in. The investment will be done through token swaps. BitDAO will disperse ETH and USDT in exchange for tokens issued by the project.
Through this round, the company stated to be on track becoming one of the largest pools of assets controlled by a DAO (Decentralized Autonomous Organization).