- The DAO – an acronym of decentralised autonomous organisation, the name given to such entities – has been set up to invest in other businesses, making it a form of investor-directed venture capital fund.
- Its investors will vote on what to do with the money after fundraising ends on May 28, after choosing between proposals submitted to its website.
- Asked how the autonomous organisation could ensure it was not being used for money-laundering by its anonymous investors, Mr Jentzsch said a vehicle had been set up in Switzerland to facilitate The DAO’s investments in other companies, since Swiss law makes it possible to “take money from an unknown source as long as you know where it’s going”.
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@AJZBernard: “Company run entirely on blockchain code has raised $120M in record crowdfunding”
An automated business run on computer code, with no human input beyond its anonymous backers, has raised the equivalent of $120 nillion in digital currency, the FT reports.
Company run entirely on blockchain code has raised $120M in record crowdfunding