MakerDAO gets $12M worth of cryptocurrency in an investment round led by Andreessen Horowitz and Polychain Capital
MakerDAO, a Santa Cruz, USA and Copenhagen, Denmark-based company creator of the cryptocurrency Dai, announced getting a $12M capital investment.
The transaction involved the purchase of $12M of MKR from the MakerDAO Development Fund, from investors Andreessen Horowitz and Polychain Capital, in a round that included Distributed Capital Partners, Scanate, FBG Capital, Wyre Capital, Walden Bridge Capital, and 1confirmation.
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
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.
Currently, the company, which is managed by the Dai Foundation, is based in USA. The Foundation aims to establish the organizational structure of the Maker Decentralized Autonomous Organization, and the economic foundations of the Dai stable digital currency.