MakerDAO adds $15M in more investment from a16z.
MakerDAO, a Santa Cruz, USA and Copenhagen, Denmark-based company creator of the cryptocurrency Dai, announced that investment fund a16z crypto, managed by A16Z (Andreessen Horowitz), has purchased 6% of the total MKR token supply for $15 million USD.
The transaction was made to further signaling the investor support of MakerDAO’s Dai stablecoin.
The purchase gives a16z crypto a stake in the first functional decentralized stablecoin and the only system built with formally verified smart contracts on Ethereum (or any blockchain). As a MKR holder, a16z crypto will participate in governance of MakerDAO and the Dai Credit System as it becomes the first decentralized autonomous stablecoin organization.
MakerDAO, founded in 2015 by Rune Christensen, developed Dai, a cryptocurrency that automatically reacts to emergent market conditions in order to stabilize its value against the major world currencies. Dai is created by the Dai Stablecoin System, a decentralized platform that runs on the Ethereum blockchain.