By any standard, it was an a crazy week for DAOs (decentralized autonomous organizations) but there was also a large amount of fundraising that caught our attention. We have a lot to cover so let's dive deeper.
In this weeks update:
- ConstitutionDAO to buy a copy of the US Constitution
- Blockchain gaming platform Forte raises $725 millon
- Marathon Digital borrows $500 million to buy Bitcoin
- MetaMask's creator raises $200 million
ConstitutionDAO to buy a copy of the US Constitution
Recently we have been talking mostly about cryptos and NFTs but last week there was significant new related to DAOs.
A DAO was formed to buy one of the US's most important artifacts - one of the first copies of the Constitution printed back in 1787. The historic document is one of only 11 surviving copies and during the last 30 years was part of Goldman's family collection.
Recently Dorothy Tapper Goldman has decided to put the copy up for auction and was going to donate the money received. The document was valued at between $15 million to $20 million.
The interesting idea of buying the US Constitution grew in popularity fast. In less than a week, the DAO raised over $45 million and more than 17,000 people joined there Discord channel.
The auction was scheduled for Thursday and the purchase amount raised just kept climbing. Unfortunately, it seems that the money raised was not enough for the ConstitutionDAO to buy the document.
Later the DAO announced that it will create a governance token and spread it to its contributors in order to vote for future decisions.
All in all, what happened is still a remarkable step forward in the DAO future.
Blockchain gaming platform Forte raised $725 million
It's been a pretty insane year in the NFT space but the hype has impacted blockchain games as well. Last week Forte, an infrastructure company, raised $725 million.
Forte is aimed to help blockchain games with infrastructure such as building wallets where a gaming tokens could be stored and the the company plans to create a "Leisure Economy" where you can earn money while playing crypto games.
Marathon Digital borrows $500 million to buy Bitcoin
To mine Bitcoin is profitable, but apparently not enough for Marathon Digital Holding. Last week the company revealed plans to sell hundreds of millions of dollars' worth of debt and use the funds to buy Bitcoin.
This month the company published its financial results for Q3 2021 and pointed out a 76% increase in revenue from the previous quarter. Despite that phenomenal growth, the company noted that it was hit with an SEC subpoena to its data center in Hardin, Montana.
MetaMask's creator raised $200 million
Another significant fundraising but this time related to Ethereum. The company behind the Ethereum wallet MetaMask raised $200 million. Currently, the application has over 21 million active users, compared to 5 million active users in April. The company is showing 420% user growth up in just seven months and it seems that the number of newcomers are likely to keep growing.
Militsa Dimitrova is a crypto enthusiast with experience in content creation & social media, who produces her own Cryptocurrency Newsletter and Podcast both in English and Bulgarian. She joined FXCM as an Accountant in 2020, after obtaining a Bachelor's degree in Accounting from the University of National and World Economy of Sofia.