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Andreessen Horowitz’s a16z Invests $15M to Buy 6% of MakerDAO’s Tokens

Published 09/25/2018, 07:42 AM
Updated 09/25/2018, 09:01 AM
 Andreessen Horowitz’s a16z Invests $15M to Buy 6% of MakerDAO’s Tokens

Crypto fund a16z, a subsidiary of the venture capital firm Andreessen Horowitz, invested $15 million to buy 6% of the total supply of MakerDAO’s tokens. The ownership of the digital asset, with the ticker MRK, will give a16z a governance stake in the Dai Credit System, which claims to be the first decentralized autonomous stablecoin entity.

MakerDAO operates two tokens – MKR and Dai. The latter is a stablecoin backed by US dollars at a 1:1 ratio. Today, stablecoins represent a good method to hedge amid a volatile market like the crypto industry. It helps exchange operators with no banking access ensure a sufficient liquidity level.

Besides the token purchase by a16z, MakerDAO secured $12 million in an earlier round led by Andreessen Horowitz and Polychain Capital last year.

The acquisition of ...


This article appeared first on Cryptovest

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