Dash CEO Ryan Taylor has eyes on a decentralized investment fund run by a DAO; Dash price surges 6% on the day

The cryptocurrency revolution has been achieving milestones after milestone since it started in 2008. There has been the creation of an entirely new industry with the development of decentralized institutions, smart contract voting in addition to a decentralized state. The global cryptocurrency space is currently working on growing governance. This is being done by the introductions of decentralized venture capital fund. Dash cryptocurrency is quite ambitious in the development of a decentralized venture capital fund that will be run by a DAO.

The project was initially mentioned earlier in 2018 by the CEO of Dash, Ryan Taylor in his report. He said, “A wholly separate entity through which the network can make investments in equity, assets, debt or other investment vehicles with the capability to distribute gains back to the Masternodes and strengthen our network.”

The idea of having a decentralized investment fund run by a DAO was also revisited by Mr. Taylor recently. It is essential to note that Dash Core Group considers itself as the first company owned by a DAO. Taylor said last week that, “Right now the Dash protocol only allows for gifts,” he added, “What it doesn’t work so well for is very high-risk ventures…In the real world, people take something in return.”

The team has narrowed down to the Cayman Islands as the possible home for the investment fund, however, the project will still need to go through legal scrutiny in spite of the location being crypto-friendly. Taylor went ahead to say that, “The original estimate for Dash ventures was sometime in Q3. As we’ve engaged with local counsel in Cayman, there has been some feedback that the structure that we thought would work had a few downsides… But the good news is that they said that there were some structures, it just required a bit of tweaking.”

The CEO commented on the expected timeline for the delivery of the project saying, “I wouldn’t anticipate years. This is one or two quarters away, at most. I would be surprised if this pushed it beyond Q4.”

Dash price overview

Dash price is trading at $225 at the time of press while the charts and tables show a 6% rise in on the day. DASH/USD surged from trading lows slightly below $208 during the Asian trading hours on Friday 13 to marginally above $240. It is currently consolidating in a bearish flag pattern and a support above $220 will prevent further downside movements trimming the gains.