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DeFi Alliance, a crypto-focused startup-accelerator is evolving into a decentralized autonomous organization (DAO) focused on Web3 projects following a $50 million raise.

According to an official announcement on Thursday, DeFi Alliance rebranded itself ‘AllianceDAO’ with support from over 300 backers from top crypto leaders such as Gemini co-founders Cameron and Tyler Winklevoss, OxMaki from Sushi’s founding team, Crypto.com co-founder Bobby Bao, OpenSea CEO Devin Finzer, Terra founder Do Kwon, and Libra co-creator Morgan Beller.

The reason for the rebrand includes growing the Web3 ecosystem to over one billion users. The DAO also intends to provide governance, recruiting, liquidity, marketing, advisory, or other potential startup support services in the near future.

Commenting on the development, Dane Lund, the DAO’s head architect, said:

“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. We also aim to attract other DAO Contributors (builders, subject matter experts, and service providers) to join to provide support for Web3 founders.”

“By creating a DAO, we are able to distribute the work of supporting founders even further and permit contributors to have a more direct stake in the outcome of their efforts, which incentivizes high-quality contribution,” Lund said.

Initially launched in April 2020 as the Chicago DeFi Alliance, the organization has included in its accelerator program 0x, dYdX, Kyber Network, IDEX, Olympus DAO, Sushiswap, and Synthetix.

In the coming months, Alliance DAO will release documentation to explain how the DAO will operate, its governance structure, and its services.

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