Defi Alliance Now Rebrands As AllianceDAO After Raising $50 Million Successfully

Defi Alliance announced on January 13 that it will rebrand to AllianceDAO and show its Web3-focus vision.

$50 million was raised from 300 contributors, who are specialists in the crypto and IT fields. Devin Finzer (Co-founder and CEO of OpenSea), Benedict Chan (COO Chainlink), Sep Kamvar (founder of Celo) are among the contributors. This initial contributors list also has numerous well-known Web1, Web2 developers, such as Scott Belsky (CEO & founder Behance), CH Kim (CEO PUBG), Kevin Lin (Founder Twitch), Christian Oestlien (VP Product Management Youtube).

The fund is also contributed by many of the leading investors, traders and market makers.

The reason for the shift, according to Alliance, is that achieving the target of one billion Web3 users would require more effort than DeFi Alliance alone can undertake. Besides, maybe the fact that Decentralized autonomous organization (DAO) now has more ability to raise large amounts of funds in a short period of time is another rationale.

Alliance DAO is positioning itself as “the world’s first digital startup nation, to accelerate the best Web3 startups”. This nation is built for start-up Web3 founders to join and connect with other experienced founders. It aims to attract more and more experts in the IT/Crypto/Business field to build an effectively supporting Web3 founders platform.

“We will be building the infrastructure for an ecosystem that encourages the best Web3 founders to receive accelerator services and then remain as mentors to later founders,” Dane Lund, the DAO’s head architect told Decrypt. “We also aim to attract other DAO Contributors (builders, subject matter experts, and service providers) to join to provide support for Web3 founders.”

“By creating a DAO, we are able to distribute the work of supporting founders even further and permit contributors to have a more direct stake in the outcome of their efforts, which incentivizes high-quality contribution,” Lund said.

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