Token Description & Project Background

BitDAO’s mission is to provide support to decentralized projects in the form of research and development, liquidity bootstrapping, and funding. The DAO looks to partner with crypto projects through token swaps and co-development efforts. BitDAO is agnostic to chains and projects.

BitDAO has provided direct funding to a number of decentralized projects, including a $500 million grant to gaming collective Game7. 

BIT is the platform’s native ERC-20 token. It empowers the community to govern the protocol and manage treasury funds, future development, and key protocol parameters. 

The project has no founders.

BitDAO was created in August of 2021 via some significant backing from a number of entities including Bybit, Pantera Capital, Sushiswap, Polygon and PayPal/Palantir co-founder Peter Theil. 

Risks of BIT

Like an investment in other crypto assets, there are some general risks to investing in BIT. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in BIT is subject to the following specific risks:

• Any potential success associated with BIT depends on BitDAO’s rate of adoption by community members and decentralized projects, as well as the continued growth of its treasury,

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with DAO . Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The BIT community is not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of BIT have no recourse to the BIT community or Uphold if BIT declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing BIT on the Uphold Platform, Uphold performed due diligence on BIT and determined that BIT is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of BIT, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of BIT.
• Any marketing materials put forward by the BIT social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with BIT, including any code defects, security breaches and other threats concerning BIT and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with BIT, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of BIT. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 19, 2023.