coindesk.com
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.
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 either in their lifetimes or in their wills.
In a 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 is currently trading at $27.64, having declining by 2.43% over the past 24 hours.