The new DAO was launched after a $230 million financing, including Peter Thiel and Alan Howard

BitDAO is a new decentralized autonomous organization that was launched after a $230 million round of financing led by billionaire venture capitalist Peter Thiel.

BitDAO announced the launch of DAO on Tuesday and completed the private placement of initial partners led by Thiel, Pantera Capital, Dragonfly Capital and Founders Fund.

Other investors include billionaire hedge fund manager Alan Howard, liquidity platform Spartan Group, Jump Capital, Kain Warwick of distributed finance and DeFi protocol Synthetix, and more than 20 participants in the decentralized finance industry.

Bybit is one of the world’s largest cryptocurrency derivatives exchanges and the main initial supporter of BitDAO, promising to contribute regularly when new DAOs are released. The DAO stated that the company specifically committed to contribute 2.5 basis points of its futures contract trading volume to the BitDAO Treasury. Based on this year’s operating rate, it is expected to generate more than $1 billion in revenue each year.

BitDAO’s recurring contribution-driven treasury will be used to provide liquidity and promote new protocols such as decentralized transactions, lending, and synthesis protocols.

related: DeFi exchange dYdX raised $65 million in Series C financing

According to the announcement, BitDAO also plans to support blockchain projects through grants and help existing and emerging projects through token exchanges.

A BitDAO spokesperson told Cointelegraph that the DAO will hire permanent and project-based teams, including consultants from Spartan and Dragonfly, and developers from Sushiswap.

Due to the sharp sell-off in the cryptocurrency market, the DeFi industry has experienced a significant decline in recent months.According to DeFi data provider DefiLlama, the market Summit In mid-May, the total value lock (TVL) was approximately US$158 billion. At the time of writing, DeFi TVL totaled $128 billion.