FTX DAO Raises $7M, Targets DeFi and Crypto Education Community-Led Projects

A community dedicated to FTT, the native token of cryptocurrency exchange FTX, has raised $7 million (250,000 FTT), which will be converted into an ecosystem fund, according to a press release.

The fund will contribute to community-led projects across decentralized finance (DeFi) and crypto education.

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The FTT DAO, a decentralized autonomous organization, is independent of FTX and states on its website that it believes in "effective altruism," a phrase it attributes to the exchange's CEO, Sam Bankman-Fried.

"I'm aware of FTT DAO, and it's cool that the community is spontaneously coming together," Bankman-Fried said in the statement.

Bankman-Fried founded the FTX Foundation, a charitable organization, and has signed the Giving Pledge, a commitment taken by some of the world’s richest people to give away the majority of their wealth to philanthropy in either their lifetimes or their wills.

In the statement, the DAO said its members are "Bankman-Fried fans/followers/friends. We share the same values as SBF (Sam Bankman-Fried) and support his mission to give back to society in order to make a positive impact on our world."

The FTT token was issued in 2019 as a cryptocurrency that gave FTX users discounted fees, increased affiliate revenue and access to initial exchange offerings (IEOs).

FTT was recently trading at $27.64, down 2.4% over the past 24 hours.

Source: CoinDesk