Signaling their support of MakerDAO’s Dai stablecoin, investment fund a16z crypto has purchased 6% of the total MKR token supply for $15 million USD.
The purchase gives a16z crypto a stake in the first functional decentralized stablecoin and the only system built with formally verified smart contracts on Ethereum (or any blockchain). As a MKR holder, a16z crypto will participate in governance of MakerDAO and the Dai Credit System as it becomes the first decentralized autonomous stablecoin organization.
The strategic purchase in MakerDAO is one of the first from a16z crypto, the newly created, dedicated crypto fund from Andreessen Horowitz. The move was driven by General Partner Katie Haun, an accomplished former federal prosecutor who led the first government task force on cryptocurrencies and also led the investigation into the Mt. Gox hacks and into the federal task force investigating Silk Road.
“As a first mover and innovator in stablecoins, MakerDAO represents a very compelling opportunity in the crypto space,” said Katie Haun, “MakerDAO’s technology, ecosystem and talent have put theory into action to deliver a decentralized stablecoin that we believe will help drive the future of the crypto economy.”
As part of this partnership, MakerDAO will receive operating capital through the next growth stage, 3 years of support for the MakerDAO community, and most importantly, full operational support from the 80+ person Andreessen Horowitz a16z team. Specifically, Dai Stablecoin adoption and regulatory support are two of the first priorities.
Andreessen Horowitz and a16z crypto are opening up their expertise and network in areas ranging from sales and business development (including partnerships), marketing, technical talent, HR operations, and more. We look forward to being able to utilize a16z’s vast array of resources and knowledge to help guide and build Maker for years to come.
“a16z crypto shares our vision for a world where the blockchain has leveled the economic playing field for everybody,” said Rune Christensen, CEO and cofounder of MakerDAO. “With investment and operational support from a16z crypto, MakerDAO will be able to accelerate evolution, innovation, and adoption of the Dai Credit System.
To our MKR holders, this is an exciting time to be part of the community. a16z crypto will act as a peer, helping us build strengths, solve problems, and drive momentum. As MKR holders, a16z crypto has responsibilities like every other MKR holder. With their point of view as active governors, they will provide insight and participate in critical conversations with other MKR holders.
In addition to the investment from a16z crypto, Maker recently launched Multi-Collateral Dai on Kovan TestNet and held its first public governance vote. With an exciting fall full of announcements, MakerDAO is making its mark as a vanguard of blockchain technology. The team looks forward to continued product excellence and rapid Dai adoption in the coming months.