ConsenSys, the parent company of MetaMask, announced on Wednesday it will fund $2.4 million for a MetaMask Grants decentralised autonomous organisation (DAO) to develop Web3 solutions.
MetaMask employees will lead the 12-month-long project and manage the DAO for Web3 developers outside the company’s workforce. The funding will finance solutions built for MetaMask’s ecosystem and the global Web3 market, reports show.
The DAO will receive and process proposals and votes via the SnapShot feature of its Codefi Activate platform, with the New York City-based firm pledging $600,000 each quarter to back Web3 across sectors.
Three Faces of Consensys DAO
According to the DAO, it will focus on three primary components:
- Employee-led DAO for more than 900 full-time ConsenSys employees, who can become a Grants DAO member with equal voting rights.
- Leadership Committee (mini-DAO) consisting of seven people that seek out projects with high potential, write governance proposals, develop other content, and receive feedback.
- Multisignature wallets, which ConsenSys supervises, operates the treasury and token contract. It also signs off on transactions for dispersing funds and mints tokens for new and past employees.
Additionally, the Leadership Committee of the DAO will consist of the Co-Founders of MetaMask along with its global product and extensibility leads, its senior DAO strategist. It will also include the directors of strategic initiatives and product management for ConsenSys.
MetaMask, Sardine Fiat-to-Crypto Integration
The news comes after MetaMask integrated new technologies from fintech company Sardine earlier in October to convert fiat monies to cryptocurrencies.
This will allow users to instantly transfer fiat currencies to their crypto wallets rather than using typical banking mechanisms or traditional transfers.
Sardine, an instant fiat and cryptocurrency settlement platform, boasts strict “compliance and fraud prevention infrastructure” used for crypto trading platforms like “FTX, MoonPay, Blockchain, and Autograph,” the company wrote in a blog post on 11 October.
