A new, automated investment fund has attracted stacks of digital money

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A new, automated investment fund has attracted stacks of digital money. IT SOUNDS like a cult, but it wants to be a venture-capital fund of sorts. As The Economist went to press, the DAO (short for decentralised autonomous organisation) had already raised the equivalent of nearly $150m to invest in startups. This, say its fans, makes it the biggest crowdfunding effort ever.

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