Andreessen Horowitz Fund Acquires 6% Of MakerDA Blockchain Startup Tokens
Andreessen Horowitz, a US venture fund, has provided $15 million for the MakerDAO blockchain startup, the representatives of the latter reported in a press release.
By means of its a16z investment fund, the company obtained 6% of total startup’s MKR tokens. Thus, the fund can manage MakerDAO and the Dai credit system, which will become the first decentralized self-governing stablecoin organization.
Besides, MakerDAO will get additional funding, divided into several stages, and three-year support from over 80 a16z community members.
Investment of the fund’s capital in the startup will accelerate the implementation of innovations and Dai, Rune Christensen, the company's executive director stated.
MakerDAO is the creator of the Dai stablecoin (DAI) in the Ethereum network. The tokens are pegged to the US dollar but secured by ether. Its holders can produce the stablecoin by blocking the excessive amount of ether in a smart contract.
According to CoinMarketCap as of September 25, 06:54 (UTC), the Dai cryptocurrency is on the 93rd place with a market cap of $54.9 million and the daily asset turnover of $7.2 million.
In the current year, the fund has already invested in the DFINITY startup several times. In February, $61 million was allocated, and in August, $100 million was added to this sum.
As previously reported, the Seed CX crypto trading platform managed to raise $15 million within Series B funding round under the leadership of Bain Capital Ventures.