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FTT DAO Secures $7M in Community Donations to Kick-Start its Activities

cryptoknowmics.com 27 June 2022 14:59, UTC
Reading time: ~2 m

FTX ecosystem's FTT DAO has received 250,000 worth approximately $7 million in FTT tokens via community donations to help kick start its activities.

Plans to Support Upcoming Community-Led Projects

According to a press release from today, a number of community contributors participated in the donation 'to help grow FTT DAO.' With the latest donation of $7 million, FTT DAO plans to support upcoming community-led projects across crypto education, DeFi, and effective altruism for the FTT community. Commenting on the development, contributor 0xMarcJ, said:

"As an independent, community-led DAO, fans of FTX and Sam Bankman-Fried are encouraged to follow and get involved as a BFF, a Bankman-Fried Fan, Friend or Follower. 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 specific portions of the donation are also kept aside for FTT-related NFT projects and further building the FTT global community and utility.

FTX May Purchase a Stake in BlockFi

Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi after the company issued a $250 million credit to the lending firm. Meanwhile, FTX founder and CEO Sam Bankman-Fried (SBF) has helped support many crypto projects in recent weeks amid a bear market forcing a lot of companies to take cost-cutting measures. Last week, trading firm Alameda Research under SBF announced it had loaned 15,000 Bitcoin (BTC) to Voyager Digital to cover losses from its exposure to Three Arrows Capital.

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