Crypto VC firm Paradigm is using a $6 million token purchase to fund Code4rena, a decentralized autonomous organization that creates incentives for independent auditors hunting for bugs.
The DAO is the latest initiative to draw funding from Paradigm, which has backed companies like Amber Group, Argent and dYdX, among others.
Code4rena, first formed last year amid rising hacks resulting from smart contract vulnerabilities that have caused billions in losses, is working to solve inefficiencies that plague the traditional audit model by crowdsourcing the task and matching people to their unique areas of expertise.
(By Nathan Crooks)
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