To assist launch its operations, the FTX ecosystem’s FTT DAO has received 250,000 FTT tokens worth about $7 million from community donations.
A news release from today states that several members of the community contributed to the donation ‘to assist build FTT DAO. FTT DAO intends to fund upcoming community-led initiatives in the areas of crypto education, DeFi, and efficient altruism for the FTT community with its most recent $7 million donation.
Contributor 0xMarcJ stated:
“Fans of FTX and Sam Bankman-Fried are invited to participate as a BFF, a Bankman-Fried Fan, Friend, or Follower in this independent, community-led DAO. FTT DAO now offers countless chances; individuals who are interested also have the choice to apply for a grant for a plan or project they have in mind.”
Additionally, a portion of the gift is set aside for FTT-related NFT projects and the expansion of the FTT’s global utility.
Sam Bankman-Fried (SBF), the founder and CEO of FTX, has supported numerous cryptocurrency initiatives recently as a bear market has compelled many businesses to implement cost-cutting measures. Trading company Alameda Research, part of SBF, revealed last week that it had lent Voyager Digital 15,000 Bitcoin (BTC) to cover losses resulting from its exposure to Three Arrows Capital.
Following the issuance of a $250 million loan to the lending company by the corporation, cryptocurrency exchange FTX is reportedly in talks to purchase a stake in BlockFi.
Read more: Crypto exchange BlockFi signs $250 million credit line with FTX to target crypto and non-crypto individuals