FTX Token DAO Raises $7M from Sam Bankman-Fried Enthusiasts

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FTX Token DAO Raises $7M from Sam Bankman-Fried Enthusiasts

FTX Token DAO Raises $7M from Sam Bankman-Fried Enthusiasts
Sam Bankman-Fried speaks at Crypto Bahamas 2022. (Danny Nelson/CoinDesk)
Source: CoinDesk
1656354427 27 Jun / 18:27

According to a press release, a community dedicated to FTT, the native token of cryptocurrency exchange FTX, has raised $7 million (250,000 FTT), which will be transformed into an ecosystem fund.

The fund will support community-led initiatives in decentralized finance (DeFi) and cryptocurrency education.

Sam Bankman-Fried, CEO of the exchange, is credited with coining the word "effective altruism" on the website of the decentralized autonomous organization FTT DAO, which is independent of FTX.

Bankman-Fried stated, “I’m aware of FTT DAO, and it’s cool that the community is spontaneously coming together.”

Bankman-Fried established the FTX Foundation, a philanthropic organization, and has signed the Giving Pledge, a vow made by some of the world’s wealthiest individuals to donate the bulk of their fortunes to philanthropy during their lifetimes or in their wills.

The DAO stated that its members are “Bankman-Fried Fans/Followers/Friends. We share the same beliefs as SBF (Sam Bankman-Fried) and support his objective to give back to society to improve the world.”

The FTT token was created as a cryptocurrency in 2019, providing FTX users with cheaper fees, higher affiliate earnings, and access to Initial Exchange Offerings (CEOs).

FTT is presently trading at $27.64, down 2.43 percent over the previous twenty-four hours.

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