Deepak Chopra-Involved DAO Project Taps Coinshift for Treasury Management
Decentralized autonomous organization (DAO) tooling startup Coinshift has partnered with EarthFund, a crypto crowdfunding company that creates decentralized, philanthropic communities, to manage its ecosystem of treasuries.
EarthFund describes itself as a “DAO-as-a-service” platform that helps social cause organizers crowdfund using cryptocurrency as well as launch their own tokens.
As part of the tie-up, Coinshift will “secure and help manage the treasuries for all projects in the EarthFund ecosystem,” according to a press release.
EarthFund currently has two initiatives listed on its site, the most notable being “Mental Health and Wellbeing,” a project started by famed naturopath Deepak Chopra dedicated to funding mental health projects.
“We became interested in cryptocurrency and Web3 a few years ago as a platform for philanthropy and doing good,” Chopra told CoinDesk in a statement. “Our partnership with EarthFund allowed us to easily set up our own decentralized community with its own governance token.”
Mental Health and Wellbeing has so far built a treasury of $2 million between donations and the value of the “NeverAlone” token, according to a release.
Earthfund says it has over 235 projects waiting to be approved to join its ecosystem. The organization’s current focus is on its back end and accessibility, with partnerships like this one with Coinshift being targeted at its non-crypto-savvy users.
“As well as creating a platform that helps people make the world a better place, one of EarthFund’s core missions is to make crypto accessible and simple by placing a premium on user experience and usability,” Adam Boalt, co-founder of EarthFund, said in a statement.
The idea of using DAOs as a means of crowdfunding is far from novel, though the infrastructure around the concept remains early stage. The first major grassroots DAO funding effort came in November when a group of crypto enthusiasts pooled their money to try to buy one of the original copies of the U.S. Constitution. In February, UkraineDAO, a DAO started by the Russian art collective Pussy Riot, raised $3 million to donate to the Ukrainian military in its war against Russia.
Read more: DAOs and the Next Crowdfunding Gold Rush
