Jul 261 mins read

Andreessen Horowitz Invests $15 Million in MakerDAO

Venture capital firm acquires 6% of MKR tokens to manage DAI credit system

MakerDAO logo

Andreessen Horowitz Invests $15 Million in MakerDAO

American venture capital firm Andreessen Horowitz announced on September 24th that it has invested $15 million in blockchain startup MakerDAO, which issues a stablecoin called DAI that is backed by Ethereum and a decentralized credit system.

DAI logo

As a result of the investment, Andreessen Horowitz now holds 6% of the total supply of MKR tokens and will have the power to manage the MKR and DAI credit system, potentially making it the "first" decentralized, autonomous stablecoin organization.

MakerDAO will also enter further financing stages with support from 80 members of the a16z community for three years.

In addition to MakerDAO, Andreessen Horowitz has recently invested in cloud computing startup DFINITY and blockchain cloud computing platform Oasis Labs.

Andreessen Horowitz logo

Oasis' investors include a16z, cryptocurrency exchange Binance, Pantera Capital, and Accel.

Investors Image Source: Pixabay

According to CoinMarketCap, DAI's total market value is approximately $55.38 million and its circulating supply is about $55.28 million.

CoinMarketCap Image Source: Pixabay