Blockchain Startup MakerDAO Receives $15M USD Investment From Andreessen Horowitzbr>
Andreessen Horowitz’s a16z crypto, which was launched earlier this year, is a $300 million venture fund that invests in a range of companies from blockchain projects to initial coin offerings (ICO). It is designed to include the best features of traditional venture capital, updated to the modern crypto world.
MakerDAO is a decentralized organization dedicated to bringing stability to the crypto economy. In 2017, the company launched Dai, a decentralized stablecoin on the ethereum blockchain, which eliminates volatility through an autonomous system of smart contracts. Dai was specifically designed to respond to market dynamics in order to maintain a price pegged to the US dollar.
According to the announcement, a16z acquired 6 percent of the total MakerDAO token supply. As a MKR holder, a16z will participate in governance of MakerDAO and the Dai Credit System as it becomes “the first decentralized autonomous stablecoin organization.” As part of the deal, MakerDAO will receive operating capital through further financing stages, three years of support for the community, and operational support from more than eighty a16z team members.
“a16z crypto shares our vision for a world where the blockchain has leveled the economic playing field for everybody,” said Rune Christensen, CEO and cofounder of MakerDAO. “With investment and operational support from a16z crypto, MakerDAO will be able to accelerate evolution, innovation, and adoption of the Dai Credit System.
MKR said a16z crypto will act as a peer, helping the company build strengths, solve problems, and drive momentum. a16z will also provide insight and participate in critical conversations with other MKR holders.
“As a first mover and innovator in stablecoins, MakerDAO represents a very compelling opportunity in the crypto space,” said Katie Haun, co-leader of a16z. “MakerDAO’s technology, ecosystem and talent have put theory into action to deliver a decentralized stablecoin that we believe will help drive the future of the crypto economy.”