Bankless Founders Plan to Separate Brand from DAO
In response to community criticism, the founders of cryptocurrency media platform Bankless have announced their intention to separate the brand from its associated decentralized autonomous organization (DAO). Co-founders David Hoffman and Ryan Sean Adams will submit a governance proposal to BanklessDAO outlining their plan for the separation. They also plan to burn all of their BanklessDAO tokens. The decision comes after concerns were raised about BanklessDAO’s grant application to Arbitrum, which requested $1.8 million worth of tokens. Some community members felt that BanklessDAO was leveraging the Bankless brand without creating it themselves. BanklessDAO has since committed to revising the proposal.
Crypto Twitter Reacts
The controversy sparked heated debates on social media platforms. Delegate Cash CEO Foobar accused the Bankless founders of “legitimacy grifting,” while Pledditor criticized them for promoting projects like Nexo. In response, Ryan Sean Adams defended running ads and emphasized that paid subscribers have always supported Bankless’ mission. Founded in 2019, Bankless is dedicated to promoting bankless money systems. In May 2021, they launched BanklessDAO and introduced the BANK token. The founders also revealed plans to raise a $35 million venture capital fund in April 2023.
Hot Take: Bankless Founders Address Controversy
The founders of cryptocurrency media platform Bankless have responded to community criticism by announcing their plan to separate the brand from its associated decentralized autonomous organization (DAO). This decision comes after concerns were raised about BanklessDAO’s grant application and its use of the Bankless brand without creating it themselves. The controversy has ignited debates on social media, with some accusing the founders of “legitimacy grifting” and promoting other projects. However, the founders have defended their practices and highlighted the support of paid subscribers. As Bankless continues to evolve, it remains dedicated to promoting bankless money systems and supporting the crypto community.
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