DAO’s are the thing nowadays, with many DAOs raising millions of dollars in funding. BitDAO announced today that the firm has raised a $230 million funding. Founder’s Fund, backed by Peter Thiel was one one of the investing companies. Early backers such as Pantera Capital and Dragonfly Capital also reinvested in the company.
Peter Thiel is a high profile silicon valley investor. Known as the co-founder of PayPal as well as an early investor in Facebook. As an investor he has been quite successful.
BitDAO, according to its announcement, plans to use the funds to expand their offerings. The money will be used to contribute towards new hires and expansion of the DeFi projects. Furthermore, DeFi projects by BitDAO are quite interesting to say the least, with bank-like services.
NeptuneDAO another company raised $20 million last month. With plans for further expansion as well. Many high profile investors like the founder of the reddit community WallStreetsBets also started investing in DAO’s. BitDAO after the latest round of funding will be one of the biggest DAOs in the game.
What Are DAOs?
Decentralized Autonomous Organizations are organizations that run on a tokenized governance model. These are used as governing organisations for DeFi based projects. Currently DAOs are one of the favorite investments for Venture Capitals and currently an eye candy of silicon valley.
DAO’s are a very good model for implementation of a decentralised protocol within an organisation.