$50 million raised to fuel DeFi Alliance's evolution into a decentralized autonomous organization

Quick Take

  • More than 300 contributors have linked up to fuel crypto accelerator DeFi Alliance’s shift to a decentralized autonomous organization.
  • $50 million was raised to fuel the effort, according to a Thursday announcement. 

A crypto-focused startup accelerator is becoming a decentralized autonomous organization (DAO) focused on web3 projects and initiatives. 

DeFi Alliance announced the transition on Thursday, rebranding to "AllianceDAO" with the backing of several hundred builders from across the crypto and tech spaces. 

“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,” said Dane Lund, Head of DAO Architect at DeFi Alliance in an email to The Block. “We also aim to attract other DAO Contributors (builders, subject matter experts, and service providers) to join to provide support for Web3 founders.”

More than 300 contributors have joined the decentralized autonomous organization, or DAO, in its initial round, cont