Bybit plans to tap into Web3 with new BitDAO blockchain

Bybit co-founder and CEO Ben Zhou is leading a proposal for the development of the platform’s BitDAO Layer 1 infrastructure, the exchange said in a press release.

The soft proposal, launched via the official BitDAO Discourse forum, envisions the creation of a new L1 blockchain to tap into investment opportunities in various Web3 verticles.

At the moment, BitDAO has a footprint across several gaming,  Ethereum scaling, blockchain education and art curation.

🤩 Bybit’s Co-founder and CEO @benbybit has launched a soft proposal for the establishment of @BitDAO_Official‘s L1 infrastructure.

💪🏻 We would like to invite the community to participate in the development of this project.

👉🏻 For more details: https://t.co/wPa068hPdC https://t.co/op6sJS4o16

— Bybit (@Bybit_Official) June 24, 2022

“This proposal aims to open new avenues for high-value collaborations generated from ground-up demand and support, which is true to BitDAO’s mandate,” Zhou noted.  He believes such developments will help further the adoption of crypto.

“Bybit supports BitDAO’s vision in being a changemaker for all changemakers. In collaboration with BitDAO and its community, we look forward to propelling the mass adoption of open finance to greater heights and shaping the future of the industry.”

Zhou has encouraged the community and other parties to contribute to the discussion, including in research and development. The new project will utilize BitDAO’s native token BIT.