FriesDAO raises $5.4 million with plan to buy fast food restaurants (via Timccopeland)
Token holders will be able to vote on how the franchise operates — but won’t receive a profit share.A DAO aiming to buy fast food restaurants and give its community a say in how they're run has raised $5.4 million in a crypto-backed foray into the world of hospitality.– raised the funds over the week ended February 20 and has given out FRIES tokens to those who participated.
The plan is to buy at least one fast food restaurant in the first year. If this doesn't happen, the funds raised will be returned to the community, minus any expenses. The first restaurant the DAO has mooted acquiring is a branch of sandwich chain Subway, according to a post in its Discord server. It hasThe DAO began as a joke about how loss-making crypto investors can be forced to take jobs at restaurants like McDonald's. Its Twitter profile says it's"helping to provide jobs and food for ex-crypto traders by buying fast food stores around the world.
According to a press release, the former president of Domino’s Pizza, Kory Spiroff, is an advisor to the project and the community includes several people with experience in the fast food industry.DAOs are the latest thing in crypto fundraising. Short for Decentralized Autonomous Organization, they're supposed to be automated organizations completely run by code.
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