FTX Token DAO Raises $7M From Community of Sam Bankman-Fried Fans

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

• The fund will contribute to community-led projects across decentralized finance (DeFi) and crypto education.

• The FTT DAO, a decentralized autonomous organization, is independent of FTX and states on its website that it believes in "effective altruism," a phrase it attributes to the exchange's CEO, Sam Bankman-Fried.

• "I'm aware of FTT DAO, and it's cool that the community is spontaneously coming together," Bankman-Fried said in the statement.

• Bankman-Fried founded the FTX Foundation, a charitable organization, and has signed the Giving Pledge, a commitment taken by some of the world’s richest people to give away the majority of their wealth to philanthropy in either their lifetimes or their wills.

• In the statement, the DAO said its members are "Bankman-Fried fans/followers/friends. We share the same values as SBF (Sam Bankman-Fried) and support his mission to give back to society in order to make a positive impact on our world."

• The FTT token was issued in 2019 as a cryptocurrency that gave FTX users discounted fees, increased affiliate revenue and access to initial exchange offerings (IEOs).

• FTT was recently trading at $27.64, down 2.4% over the past 24 hours.