According to a recent press release, MakerDAO– thefirmthatstands behind Ethereum-based stablecoin Dai [DAI] along with itsrelated decentralized creditsystem. DAI is pledged to U.S. dollarshowevercollateralized by Ethereum [ETH]. DAI users could generate the stable coin byholding upup exceedingquantityof ETHin asmart contract,thusif a userdesiresto access their collateral,they needto pay back the DAI debt.
In line with the announcement made, Andreessen via its investment fund a16zinherited around 6%ofthe totalMKR ICO supply.This acquisitioncouldpermita16z to manage MKRand therefore theDai Credit system as itreportedly becomes the firstredistributedautonomous stablecoin organization.
MKRwould bereceivingworking capitalthroughfurtherfundingstages,3years of support for the community, and operational support frommore than 80 a16z team members.
RuneChristensen,CEOof MakerDAO, additionally stated that:
“With investment and operational support from a16z crypto, MakerDAOwould be able toaccelerate evolution, innovation, and adoption of the DaiSystem.”
Earlier in August, Andreessen participatedduring a$100 Mln fundingsphericalof cloud computing startup DIFINITY and inFeb, Andreessenantecedentlyparticipatedwithin thestartup’s investment,contributingto a $61 Mlnspherical. Having raisedan amount slightly below$200 Mln since its foundation in 2015, DFINITY ultimatelydesiresto forma platformwhich is able tohost the world’s next generation ofcodeand services on a public network.
Even earlier in July, blockchain cloud computing platform Oasis Labsproclaimedthat it raised $45 Mln from major investors asa part ofitsattempt tofacilitatecorporationsadopt blockchain. Oasis’ investorsencloseda16zalong sidecryptocurrency exchange Binance, Pantera Capital and Accel.
However, at the reporting times, totalcapitalisationof DAI is around $55 Mln,whereasthe digital currency’scurrentcirculationis touching around 55 Mln.