- The BitDAO community agreed to sponsor AfricaDAO with a $20 million fund
- The agreement came as an anonymous vote from 38 wallet addresses
- AfricaDAO also receives $105 million in funding from other partners
The BitDAO community voted and anonymously agreed to sponsor AfricaDAO with a $20M fund.
The voting came to an end on Tuesday, the 6th of August 2022. The agreement included 38 wallet addresses that all together contributed $181 BIT tokens, the BitDAO native coin.
The BitDAO community came into existence in 2021 and works to sustain web3 projects with grants in a bid to spur the adoption of cryptocurrency. BitDAO also focuses on the backing of research and development efforts that revolve around web3 promotion.
The AfricaDAO community
AfricaDAO, launched by Harmony, focuses on Africa which stands as the biggest crypto market. The DAO community aims at launching web3 activities that bring about social impacts.
To do so the DAO community holds activities such as meet-ups, development training and hackathons.
AfricaDAO broadcasted a proposal document that clarifies how the community will distribute the received funds. The community aims at three major areas, funding African web3 companies, nurturing web3-related talents as well as supporting educational initiatives that are also web3 oriented.
The document reveals that AfricaDAO will use 90% of the investment to support web3 targeted companies. As a result, the AfricaDAO incentives will coincide with its partners and with the mission as a whole.
5% of the remaining investment will cater to empowering the best web3 talents.
AfricaDAO will then split the left 5% into education and cover the DAO’s operational expenses. Together with its partners, AfricaDAO will provide the necessary expertise required to implement web3 education initiatives.
Apart from BitDAO’s $20 million fund, AfricaDAO also secured a $105 million fund from other partners. The partners include Bitfinex, Coinbase, Polygon, and Synthetix among others.
How will BitDAO benefit?
Through BitDAO’s support to the biggest, fast-growing and promising crypto market, Africa, the DAO stands a chance to immensely benefit from the partnership.
By supporting AfricaDAO, BitDAO’s Autonomous Entities will receive great recognition. Entities such as Game7 will attract a number of mobile users and in turn empower them via the P2E gamers.
Another BitDAO Entity is the EduDAO, which will empower and enable university students to develop careers in web3.
