- With this purchase, Andreessen Horowitz will participate in the decision making processes of the MakerDAO and Dai stablecoin ecosystem
- The venture capital firm will provide Maker DAO with operating capital through the next growth stage and the MakerDAO development community will also get full operational support.
- Katie Haun, General Partner of the firm’s crypto wing says “MakerDAO represents a very compelling opportunity in the crypto space.”
a16z crypto, the cryptocurrency fund of the highly reputed American venture capital firm Andreessen Horowitz, has bought 6 percent of the total MakerDAO’s Dai stablecoin MKR for $15 million, according to a Medium blog post on September 24th.
Andreessen Horowitz Joins the Stablecoin Craze
The MakerDAO project claims to be the first decentralized autonomous stablecoin organization and the first decentralized stablecoin built upon highly functional smart contracts on the Ethereum network – or on any blockchain for that matter.
General Partner at a16z crypto, Katie Haun, a former federal prosecutor, credited with leading the Mt. Gox heist investigation, the Silk Road saga investigation and the United States government first crypto task force, stated:
“As a first mover and innovator in stablecoins, MakerDAO represents a very compelling opportunity in the crypto space.”
Haun further noted that the MakerDAO project has combined cutting-edge technology and talent to develop a genuinely decentralized stablecoin that will be a formidable force in the digital currency industry and help in shaping the future of the nascent asset class.
a16z crypto to Take Part in Governance of the MakerDAO Ecosystem
According to the MakerDAO team, a16z’s six percent stake in the project gives it the right to participate in governing MakerDAO and the Dai Credit System.
In return, a16z crypto has said it would provide full operational support, operating capital through the next growth phase and three years of assistance to the MakerDAO development community.
Rune Christensen, CEO, and co-founder of MakerDAO stated that distributed ledger technology (DLT) has created a whole new world of opportunities for everyone, giving everybody an equal chance of success and a16z crypto shares same vision with MakerDAO.
“With investment and operational support from a16z crypto, MakerDAO will be able to accelerate evolution, innovation, and adoption of the Dai Credit System,” Christensen added.
It’s worth noting that stablecoins are fast becoming the ‘new cool’ in the cryptoverse. a16z’s foray is by no means the only such investment in recent months. Earlier this month the Gemini exchange launched its own stablecoin pegged to the U.S dollar, and last week Eidoo multi-cryptocurrency wallet announced the move to create its gold-backed stablecoin called ekon.
