Venture capital firm Pitango has just launched a decentralized autonomous organization (DAO) to invest in Web3 projects.
Company representatives have said this is Israel's first investment DAO. According to them, the Pitango First Foundation has launched the First Labs division, which then created the First DAO.
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Aviv Barzilay, director of First Labs, has told The Block:
"We are breaking the traditional VC model and will issue a token."
Despite he has not specified the timing of the asset's launch or the details of the tokenomics, he has noted that the volume of Pintago’s assets under management amounts to approximately $3 billion.
Barzilay has added the organization intends to engage local startups in Web 3.0, especially those specializing in infrastructure and cybersecurity solutions. The DAO itself will focus on DeFi, NFTs, gaming and the metaverse.