Led by PayPal co-founder Peter Thiel, BitDAO, a new decentralized governance protocol, raised $230 million in a bid to build the largest asset pool led by a decentralized autonomous organization, commonly referred to as DAOs.

The funding round welcomed top investors alongside Thiel, who led the round, and three of his firms – Founders Fund, Pantera Capital, and Dragonfly Capital – also participated in the raise. Other investors in the round included hedge fund manager Alan Howard, Jump Capital, and Spartan Group.

A DAO represents an organization that has no central organization leading it. Instead, the governance of these organizations lies coded on smart contracts stored on a blockchain hence have immutable properties. BitDAO, now ranking as one of the largest DAOs, aims to “promote and propel the mass adoption of open finance and decentralized tokenized economy” with the latest funding, a statement reads.

The core objective of the funding is to grow the decentralized finance (DeFi) space by building research and development (R&D) centers, providing grants to DeFi developers, and topping up liquidity on blockchain projects.

In a press release, BitDAO stated its goal to promote and support the DeFi sector financially and in talent resourcing to boost industry growth. Moreover, the organization will also use the funding to employ hundreds of people innovating in the DeFi sector and solve various developmental challenges in the ecosystem.

The firm welcomed its first partner in the Bybit crypto exchange, one of the largest digital asset exchanges in the world. Bybit aims to make yearly contributions to the DAO of up to 2.5 basis points (bp) of its futures contracts’ trading volume directly to the BitDAO Treasury. As of current figures, the yearly contribution is expected to generate over $1 billion annually, the statement further reads.

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