Fries DAO Has Raised $5.4M to Buy Fast Food Restaurants

Time Stamp: March 1, 2022 5:07 AM
Source Node: 1193130

Fries DAO Has Raised $5.4M to Buy Fast Food Restaurants

A new DAO aimed at purchasing fast-food restaurants called Fries DAO has raised more than $5.4 million to achieve the goal. Fries DAO Raises $5.4 Million Fries DAO has raised more than $5.4 million over the week ending on February 20 and has given out FRIES tokens to those who participated. The tokens don’t grant any ownership of the restaurants or give holders any share of profits but will be used to vote on proposals with regards to how they operate. FriesDAO raise closes with $5.4M! $FRIES claiming is expected to be this Tue/Wed. As a Wyoming DAO LLC, a Notice of Intent to issue tokens is being filed this Monday. An Operating Agreement has also been released, which recognizes all $FRIES holders as co-owners of the DAO. pic.twitter.com/ehyF5sSRq7 — friesDAO (🍟,🍟) (@friesdao) February 20, 2022   Starting this week, token holders can stake their FRIES to receive KCHUP tokens, which can then be used to purchase NFTs that include utility perks like free burgers. You can’t have delicious fries without ketchup. Single sided staking with $FRIES is coming next week for $KCHUP. Read the announcement at https://t.co/qQ88a1AaE8 for more info on emissions, NFT minting, and an airdrop for eligible $FRIES holders. — friesDAO (🍟,🍟) (@friesdao) February 25, 2022 The DAO plans to ‘negotiate with franchise owners and brands to buy well-known fast food stores using the Fries DAO community treasury.’ For this, the DAO is planning 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 without any expenses. Fries DAO Could Buy a Subway Branch According to the community’s Discord server, the first restaurant the DAO has planned on acquiring is a branch of Subway and has even asked token holders to review the financial details ahead of a potential vote on the purchase. $FRIES members! The first store candidate for potential acquisition has been announced. Please verify your $FRIES holdings in the Discord (https://t.co/WuYfZOcML1) to gain access to the prospect-data channel to review details and financials for consideration. — friesDAO (🍟,🍟) (@friesdao) February 25, 2022 The former president of Domino’s Pizza, Kory Spiroff, is an advisor to the project. The community also includes several people with experience in the fast-food industry.

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