VC Tim Draper Bought 1 Million ANT Tokens to Join Aragon’s Governance Structure

Francisco Memoria

Tim Draper, the venture capitalist who won the Silk Road bitcoin auction, has reportedly bought 1 million ANT tokens, worth over $800,000 at press time, to join Aragon’s governance structure.

According to CoinDesk, the venture capitalist’s move was disclosed via a press release, and saw him get to control about 2.5% of the total supply of Ant tokens. These were initially launched on the Ethereum blockchain, and are the native token of the Aragon project, aiming to build decentralized governance.

Aragon’s system is set to offer decentralized autonomous organizations (DAOs) a system that allows them to manage their cap tables, vesting, payments, bylaws, fundraising, and more. Users with over 1,000 ANT tokens will be able to participate in the Aragon Court,  a digital judicial system that’s meant to mitigate disputes for DAOs.

The first session the Aragon Court had was on February 10, with a mock trial of Ethereum Classic developer Yaz Khoury. The Aragon Court recruits human jurors to review conflicts and rewards them or penalizes them as an incentive to judge well.

Luis Cuende, an executive director at the Aragon Association, noted that the court motivated Draper to invest. He was quoted as saying:

I think the recent launch of Aragon Court and the realization that Aragon can be to governance what bitcoin (BTC) is to money.

Cuende’s email immutability startup Stampery has reportedly received investments from Draper’s VC firm, which he claimed helped the investors get involved in Aragon as well.

Featured image by David Veksler on Unsplash.