Ribon raises US$3.5MM to become a web3 protocol governed by its community
The round was led by Valor and with participation from Bitkraft, Kenetic Capital, Flori Ventures, and 2TM Ventures. Other notable investors include Gabby Dizon (CEO of YGG), Fernando Martinelli (CEO at Balancer), Yuan Han Li (Blockchain Capital), Ricardo Simon, Howard Peng (ex-Binance and ex-Nascent), Andrea Chang (NGC), Michiel Lescrauwaet (Tioga Capital), Alex Buelau (Parfin), Lior Messika (Eden Block), Redpoint eventures, Harvard angels and Verve Capital.
With the round, RibonDAO aims to bring to web3 its business model awarded by the Gates Foundation that has already handled more than 250k donations in its web2 version. To summarize, it uses resources from foundations, and individual donors to create a free giving experience for others, thus creating new donors and raising more resources for charity automatically.
Transition to ProtocolDAO: more scalability for Ribon
The funds raised in the round will be invested in the transition of Ribon technology to become a protocol, initially on the Ethereum/Polygon network. This step is — in addition to an internationalization movement — a fundamental improvement in the business model that will become more attractive to the two sides that support Ribon’s network effect: Promoters (donors) and Integrations.
A new reward system will be created based on the RibonGov token, a currency that will concentrate both the financial and the decision-making power of the protocol, gradually decentralizing RibonDAO’s governance.
A reward system that aligns interests to accelerate Ribon’s growth
In the new model, all donations made to Ribon will generate a fee and consequently an automatic buyback of RibonGov tokens, which will be sent to the promoters and integrations that made that donation happen. A model inspired by the Buyback and Make mechanism.
This means that the better the protocol works, the more resources and more decision-making power will be sent to the agents responsible for the proper functioning of the protocol. An alignment of interests that strengthens the community, values the protocol, and boosts the impact generated by Ribon.
More donors, more resources, more lives helped
It’s good to remember that all these models, codes, and metrics are just a way to reach the final goal that will always be Ribon’s mission: donate together to improve lives.
Our web2 version has already raised funds to improve more than 200k people’s lives just in Brazil. With the expansion of the project via web3 we are taking the first steps to scale this impact globally and get closer to our obsession, which is eradicating extreme poverty by 2030.
Do you wanna be part of this?
Follow @RibonDAO on Twitter and join our Discord Community.