The BitDAO community has voted in favor of a proposal to provide $20 million in funding to bootstrap a new decentralized autonomous organization called AfricaDAO.
BitDAO, formed in 2021, aims to promote global crypto adoption by providing grants to projects and also supporting web3-based research and development efforts. AfricaDAO is a new investment fund created to accelerate web3 development in Africa.
Data from the voting page shows the vote ended on Tuesday with unanimous approval from all participants. The vote saw participation from 38 wallet addresses that contributed 181 million BIT tokens (BitDAO’s native coin) in support of the proposal.
AfricaDAO’s venture investment strategy will focus on three main areas: funding rounds for African companies, investments in web3 talents on the continent and support for web3-based educational initiatives in Africa. According to the AfricaDAO proposal document, 90% of its funds will go toward investments in target companies while 5% will be used to support African web3 talents. The remaining 5% will be split between investments in web3 education and covering the DAO’s operational expenses.
AfricaDAO has already drawn $105 million in soft commitments from several partners. BitDAO’s $20 million of funding, which is subject to legal review, will see it become an anchor partner of AfricaDAO. Other partners include Polygon and Synthetix, among others.
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Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.