BitDAO Forms DAO With Harvard and Oxford Students

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Published: Dec 17, 2021, 11:56 UTC

BitDAO has committed $11 million to promote the research and design of blockchain innovations in some leading universities across the world.

The cryptocurrency space has recorded huge adoption in various facets of the global economy. Educational institutions are not left out in adopting cryptocurrencies and blockchain technology to allow their students to gain the necessary exposure.

DAO Enters the Education Sector

BitDAO, a decentralized asset manager that boasts $2.5 billion in assets under management, has announced that it had formed a decentralized autonomous organization (DAO) that caters to college students.

The name of the DAO is EduDAO and comprises various student and campus research organizations in the U.S., U.K, and China. According to the announcement, some of the groups involved include; Berkeley Center for Responsible, Decentralized Intelligence; Blockchain@USC; Harvard Blockchain Club; MIT Sloan Blockchain Club; Oxford Blockchain Society; Blockchain at Berkeley; Blockchain at Michigan; Penn Blockchain; and Tsinghua University Students Blockchain Association.

BitDAO said it plans to allocate $11 million annually to EduDAO to enable the member groups to conduct research and design blockchain innovations. Jon Allen, the managing partner for Mirana Ventures, is behind the EduDAO idea.

He said, “The idea is to create autonomous entities like EduDAO in which BitDAO helps identify motivated experts in a specific domain,” Allen told Decrypt via email. “Set a mandate and structure, capitalize it, and let this autonomous entity do what it thinks is best.”

BIT Still Down Despite Recent News

BIT has been underperforming over the past few weeks, similar to the broader cryptocurrency market. At press time, BIT is trading at $1.8 per coin, up by 0.11% over the past 24 hours. However, over the past few weeks, BIT has lost more than 40% of its value.

BIT’s RSI currently stands at 37. Source: Daily chart on FXEMPIRE

On November 11, BIT rallied to a high of $3.04 per coin. However, it is down by nearly 50% since that period. Its technical indicators show that BIT is struggling at the moment. The MACD line is below the neutral zone while its RSI currently stands at 37.

However, BIT could still recover as the current bearish trend is affecting the general market. Market recovery in the coming weeks could see BIT rise towards the $3 mark again.