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ByBit donates $134 million to its local DAO, BitDAO

ByBit donates $134 million to its local DAO, BitDAO

Cryptocurrency derivatives exchange, ByBit announced on Thursday, 27 January, 2022, that it would be donating $134 million to its native DAO, BitDAO in order to promote the adoption of decentralised finance (DeFi). 

The Singapore-based company revealed its contribution to the DAO treasury via the crypto-friendly social media platform, Twitter. 

According to the tweet, the donation is in the form of three cryptocurrencies, Ether (ETH), USD Coin (USDC) and Tether (USDT). 

BitDAO has one of the largest treasuries amongst decentralised autonomous organisations (DAOs). It has been involved in a couple of projects on the Ethereum Blockchain. 

The DAO recently funded a $200 million project to scale Ethereum and make transactions on it faster. 

The organisation is focused on providing substantial financial and talent resources to drive the growth of decentralised finance.

A number of top crypto investors and VC firms have already backed BitDAO, including the first cryptocurrency fund in the US, Pantera Capital, Peter Thiel’s Founders Fund, Spartan Investors, and Dragonfly Capital. 

However, this isn’t the first time ByBit is investing in its local DAO; the crypto company donated about $19.3 million to the DAO treasury in July 2021, just a month after it was launched.

Speaking about the DAO donation to Crypto Potato, ByBit’s head of communication, Igneus Terrenus, said,

“Bybit pledged 2.5bps of our futures trading volume to support BitDAO because we believe in its mission to support builders of the decentralized economy and showcase the potential of DAOs. 

We are delighted to see BitDAO getting better with every passing day, executing on its open mandate to foster technologies that present entirely new ways for people to work, engage, and transact together.”

ByBit has been exceptionally busy in the last couple of months. In the same tweet that announced the DAO donation, the exchange also announced that it is integrating the Arbitrum Network into its operating system. 

The integration will enable ByBit users to deposit and withdraw Ether (ETH), Tether (USDT), and USD Coin (USDC) with more speed and cheaper gas fees using the Arbitrum network.

ByBit also announced on Tuesday, January 20, 2022, that it would be launching its own non-fungible token (NFT) platform where users can trade and explore digital collectibles. 

The crypto company has been very busy this year, with plans to dominate the Asian and eventually global crypto market. At this rate, it might not be too far off from its goal.

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