According to a recent press release, MakerDAO – the firm that stands behind Ethereum-based stablecoin Dai [DAI] along with its related decentralized credit system. DAI is pledged to U.S. dollars however collateralized by Ethereum [ETH]. DAI users could generate the stable coin by holding up up exceeding quantity of ETH in a smart contract, thus if a user desires to access their collateral, they need to pay back the DAI debt.
In line with the announcement made, Andreessen via its investment fund a16z inherited around 6% of the total MKR ICO supply. This acquisition could permit a16z to manage MKR and therefore the Dai Credit system as it reportedly becomes the first redistributed autonomous stablecoin organization.
MKR would be receiving working capital through further funding stages, 3 years of support for the community, and operational support from more than 80 a16z team members.
Rune Christensen, CEO of MakerDAO, additionally stated that:
“With investment and operational support from a16z crypto, MakerDAO would be able to accelerate evolution, innovation, and adoption of the Dai System.”
Earlier in August, Andreessen participated during a $100 Mln funding spherical of cloud computing startup DIFINITY and in Feb, Andreessen antecedently participated within the startup’s investment, contributing to a $61 Mln spherical. Having raised an amount slightly below $200 Mln since its foundation in 2015, DFINITY ultimately desires to form a platform which is able to host the world’s next generation of code and services on a public network.
Even earlier in July, blockchain cloud computing platform Oasis Labs proclaimed that it raised $45 Mln from major investors as a part of its attempt to facilitate corporations adopt blockchain. Oasis’ investors enclosed a16z along side cryptocurrency exchange Binance, Pantera Capital and Accel.
However, at the reporting times, total capitalisation of DAI is around $55 Mln, whereas the digital currency’s current circulation is touching around 55 Mln.