FTT DAO Receives $7M in Funds From FTX Community

FTT DAO Receives $7M in Funds From FTX Community

FTX CEO acknowledges the FTT DAO community, indicating that "it's cool" that everyone is gathering for a noble reason "to give back to society."

On June 27, an independent and community-driven DAO, dubbed FTT DAO, collected a total of 250,000 FTT, approximately estimated at $7 million. The donation will be reportedly used to assist the community-led initiatives across crypto education, as well as decentralized finance (DeFi).

According to the official statement, the funding, supposedly to be leveraged as an ecosystem fund, saw participation from a number of FTX CEO Sam Bankman-Fried fans. The founder mentioned that he is aware of the community’s existence, and that “it’s cool that the community is spontaneously coming together.”

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The report also read that FTT DAO is a community that consists only of “Bankman-Fried followers and fans” and seeks to cherish the same values as the CEO does - “give back to society in order to make a positive impact on our world.”

One of the patrons that contributed to the donation called 0xMarcJ commented on the initiative and noted:

“There are limitless opportunities for FTT DAO right now, those interested also have the option to apply for a grant for an idea or project they have in mind.”

Some part of the funds will also be allocated to expand the FTT community, as well as assist FTT-oriented non-fungible token (NFT) projects.

At the time of writing, FTX’s native token FTT, issued back in 2019, was trading at $27.42, down 0.84% over the past 24 hours.

It seems as though Bankman-Fried is on a determined path to assist various crypto-related projects despite the current harsh crypto market conditions. For instance, earlier in June, the Bahama’s crypto exchange provided the crypto lender BlockFi with a $250M credit that will supposedly help the latter to strengthen its platform.

On top of that, the CEO also issued a statement on June 7, indicating that FTX would continue searching for new employees during the bear market.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree