FTX Token DAO Raises $7M From Community of Sam Bankman-Fried Fans

·1 min read

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

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 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.