On June 27, an independent and community-driven DAO, dubbed FTT DAO, collected a total of 250,000 FTT, approximately estimated at $7 million. The donation will be reportedly used to assist the community-led initiatives across crypto education, as well as decentralized finance (DeFi).

According to the official statement, the funding, supposedly to be leveraged as an ecosystem fund, saw participation from a number of FTX CEO Sam Bankman-Fried fans. The founder mentioned that he is aware of the community’s existence, and that “it’s cool that the community is spontaneously coming together.”

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

The report also read that FTT DAO is a community that consists only of “Bankman-Fried followers and fans” and seeks to cherish the same values as the CEO does – “give back to society in order to make a positive impact on our world.”

One of the patrons that contributed to the donation called 0xMarcJ commented on the initiative and noted:

“There are limitless opportunities for FTT DAO right now, those interested also have the option to apply for a grant for an idea or project they have in mind.”

Some part of the funds will also be allocated to expand the FTT community, as well as assist FTT-oriented non-fungible token (NFT) projects.

At the time of writing, FTX’s native token FTT, issued back in 2019, was trading at $27.42, down 0.84% over the past 24 hours.

It seems as though Bankman-Fried is on a determined path to assist various crypto-related projects despite the current harsh crypto market conditions. For instance, earlier in June, the Bahama’s crypto exchange provided the crypto lender BlockFi with a $250M credit that will supposedly help the latter to strengthen its platform.

On top of that, the CEO also issued a statement on June 7, indicating that FTX would continue searching for new employees during the bear market.

by Gyth L. – Crypto Analyst, BitDegree