A new decentralized autonomous organization (DAO) has been formed to raise money in an effort to purchase the Denver Broncos U.S. National Football League team for around $4 billion. BuyTheBroncos DAO aims to give fans a chance to own a piece of the team no matter their level of wealth. One of the organizers of the DAO, former Cisco employee Sean O’Brien, told CNBC on Feb. 19 that: “The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.” If it succeeds, it would join the Green Bay …

Last week’s Crypto Biz newsletter explained how Wall Street is essentially marketing Bitcoin (BTC) for us after Wells Fargo said digital assets could “soon hit a hyper-inflection point” in terms of adoption. This week, JPMorgan Chase issued its own bullish outlook when it labeled the metaverse a $1 trillion a year opportunity. In addition to JPMorgan, the New York Stock Exchange (NYSE) this week sent out a strong signal that nonfungible tokens (NYSE) and the metaverse are part of its long-term plans. On the regulatory front, the Republic of the Marshall Islands took a bold step in becoming a leader …

“DAOs are very powerful token-based coordination mechanism that any person now can wield outside of the legacy financial system”, said Silke Noa, core-member of the AssangeDAO, which recently raised $53 million in support of Wikileak's founder, Julian Assange. According to Noa, the fundraising campaign was "a huge success" that showed how the power of a DAO can have an impact on political and social issues. The DAO mechanism allowed anyone willing to support Assange's to make a donation in ETH and become a member of the organization. In exchange, AssangeDAO members received a proportional amount of governance tokens, JUSTICE, which …

KuCoin Labs, the investment and research arm of crypto exchange KuCoin, has released its annual report, predictin that decentralized finance (DeFi) will still be a significant trend in the crypto industry in 2022 and governance will be run through decentralized autonomous organizations (DAOs). With the DeFi ecosystem continuing to be plagued by criminal whales, the risks of financial loss within the sector are becoming more apparent. Because of this, calls to regulate decentralized finance began taking flight in 2021, and the sector has started to face enforcement actions over the past year. As regulators close in on DeFi, KuCoin Labs …

Blockchain-based investing protocol Syndicate claims that 10% of all decentralized autonomous organizations (DAO) in existence have been created on its platform in less than three weeks of operation. Syndicate is a DAO creation platform that has landed investments from A13Z and Coinbase Ventures, among others. The team revealed the development in a Feb. 15 tweet. As of this morning, 10% of *all* DAOs have now been created on @SyndicateDAO. In less than 3 weeks And this is just the beginning. — Syndicate ✺ (@SyndicateDAO) February 14, 2022 Will Papper, co-founder of Syndicate explained to Cointelegraph today that the project had …

The Republic of the Marshall Islands has moved to formally recognize decentralized autonomous organizations, better known as DAOs, as legal entities — a move that gives collectively owned and managed blockchain projects formal recognition on the global stage. DAOs, which are blockchain-based entities governed by a self-organizing community, have attained legal recognition in the Marshall Islands after the country passed the amended Non-Profit Entities Act 2021. The amendment allowed cryptocurrency trading infrastructure platform Shipyard Software to incorporate the island country’s first DAO — Admiralty LLC. The incorporation was aided by MIDAO Directory Services Inc., a domestic organization that was established …

In 2021, crypto has been one of the biggest trends shaping tech and finance, and according to mainstream news headlines, decentralized autonomous organizations (DAOs) are set to be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they’re a segment of the crypto market in a state of rapid flux, with many innovative use cases emerging. However, setting up and running a DAO also comes with its own set of unique challenges, which are also changing and developing over …

The development team behind Bunny Finance and Qubit has decided to disband the protocol and turn it into a decentralized autonomous organization (DAO). In an official medium post published on Friday, The Bunny Finance team announced that the exploit on Qubit that resulted in $80 million worth of loss has made it impossible for the team to operate at full scale. Thus, they have decided to disband the protocols and give authority to the community. As reported earlier by Cointelegraph, the Qubit bridge called X-bridge facilitated tokens swaps from Ethereum (ETH) to Binance Smart Chain (BSC). The hacker behind the …

The Decentralized Autonomous Organization (DAO) supporting Wikileaks founder Julian Assange’s legal plight has concluded its raise, generating a whooping 17,422 Ether (ETH) worth roughly $53.7 million. As previously reported by Cointelegraph, the AssangeDAO intends to use the fund to bid on a one-of-one NFT from a drop called “Censored” by digital artist Pak in collaboration with Assange. The proceeds of the sale will go towards Assange’s defense fund and additional awareness campaigns as he fights extradition to the U.S. this month. Assange has been languishing in a U.K. jail for the past three years, with U.S. prosecutors seeking to try …

The Wonderland protocol became the talk of the decentralized finance (DeFi) world after the platform was found at the center of a brewing controversy. On Jan. 27, DeFi analyst zachxbt revealed that one of the anonymous co-founders of Wonderland happened to be QuadrigaCX co-founder Michael Patryn, who has been operating under the name of Sifu. QuadrigaCX is a defunct crypto exchange from Canada which closed when Gerald Cotten, the exchange founder and sole person with knowledge of the exchange's wallet keys, passed away. Following his death, $169 million worth of user funds were irreversibly lost. Cotten's passing led to a …

True Names Limited, the nonprofit behind distributed domain protocol Ethereum Name Service, announced it would be ending its contract with director of operations Brantly Millegan after many uncovered his previously posted anti-LBGTQIA tweets. On Feb. 6, the decentralized autonomous organization of Ethereum Name Service, or ENS, asked users to weigh in on what actions, if any, should be taken against Millegan in regards to a May 2016 tweet in which he said "homosexual acts are evil” and “transgenderism doesn’t exist.” The DAO said some had proposed suspending Millegan from his leadership roles at ENS, voting to remove him as a …

Former Manchester United legends Gary Neville and Paul Scholes are teaming up to launch a one-of-a-kind sports-centric DAO (decentralized autonomous organization) that would allow fans to make investments alongside these legends. The sports investment DAO would be called CO92 DAO, named after the legendary squad from 1992, and it would focus on strategic investment focused soccer-related firms and projects. The two soccer legends have teamed up with Singapore billionaire Peter Lim and his son Kiat Lim to create the DAO. “We are currently already reviewing a range of professional football project opportunities, and will announce developments in the months ahead,” …