Andreessen Horowitz Invests $15 Million in MakerDAO
Venture capital firm acquires 6% of MKR tokens to manage DAI credit system
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.
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.
Oasis' investors include a16z, cryptocurrency exchange Binance, Pantera Capital, and Accel.
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.
Image Source: Pixabay