News & Updates

Tembusu Partners Pte Ltd (“Tembusu”), a Singapore-based boutique private equity firm dedicated to supporting high growth ventures across Emerging Asia, announced that it has made an investment into BitDAO as part of a US$230 million funding round. The capital will be allocated to multiple areas of operation, including research and development, funding, and liquidity operations.

As a Decentralised Autonomous Organisation (DAO) with a keen focus on decentralised finance (“DeFi”), BitDAO  supports new early-stage and emerging blockchain projects. The DAO functions and operates like a venture capital fund for the crypto and DeFi space, and will grow together with its selected projects as the entire blockchain landscape continues to mature. BIT token holders possess voting rights which determine major decisions of BitDAO, including its funding roadmap and supported protocols.

BitDAO is supported by Bybit, one of the world’s largest cryptocurrency derivatives exchanges, who has pledged a share of their futures contracts trading volume that could amount to more than US$1 billion a year. This contribution to the BitDAO treasury provides a significant war chest to back partners, add liquidity and help drive new products in decentralized finance.

The funding round was led by billionaire venture capitalist Peter Thiel, Pantera Capital, Dragonfly Capital and Founders Fund.

Launched in 2018, Tembusu Blockchain Fund aims to invest in early-stage blockchain projects and digital assets within the decentralized economy that will drive this new wave of digital disruption. Tembusu has backed more than 6 blockchain companies and token deals to date.