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Illustration: Sarah Grillo/Axios

Syndicate, a decentralized investing platform, raised $20 million in Series A funding led by Andreessen Horowitz.

Why it matters: Crypto is coming for investing, and not just as an asset in which to invest. Syndicate's mission is to make it easier to create DAOs, or decentralized autonomous organizations, which basically enable groups of people to invest collectively and transparently.

  • Other investors include Bill Ackman's Table Management, Coinbase Ventures, Sound Ventures, Thirty Five Ventures, Alexis Ohanian and Snoop Dogg.

The big picture: FTX agreed to buy LedgerX, a crypto derivatives firm that had raised around $35 million from firms like Lightspeed, GV, Miami International and Digital Finance Group.

The bottom line: "DAOs are basically shared bank accounts on the blockchain with tools meant to facilitate group decision-making," CoinDesk's Cheyenne Ligon, writes.

Go deeper

GOP lawmaker introduces bill to provide legal clarity for crypto industry

Illustration: Shoshana Gordon/Axios

Rep. Patrick McHenry (R-N.C.), a noted friend in Congress of the cryptocurrency industry, introduced a new bill Tuesday that aims to provide a framework for nascent digital token networks.

State of play: The bill would allow the networks to fundraise before they’re sufficiently decentralized — without being at risk of violating securities laws.

Omaze raises $85 million from VCs for non-profit fundraising

Illustration: Aïda Amer/Axios

Omaze, a company that helps nonprofits fundraise by organizing sweepstakes, has raised $85 million in Series C funding led by Louis Bacon’s Moore Strategic Ventures.

Why it matters: While Omaze's customers are non-profits, the company is not only a for-profit, but also taking in venture dollars — a financing model that's often criticized for pushing companies to prioritize growth and shareholder returns over their impact on society.

Updated 8 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

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