RATE Group | Andreessen Horowitz Invests $15 Million in MakerDAO’s Cryptocurrency
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Andreessen Horowitz Invests $15 Million in MakerDAO’s Cryptocurrency

25 Sep Andreessen Horowitz Invests $15 Million in MakerDAO’s Cryptocurrency

Posted at 06:44h in Cryptocurrency News by

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marc andreessen

Andreessen Horowitz has made a major investment in a cryptocurrency project that algorithmically adjusts the supply of coins to keep their value stable.

The American venture capital firm, which has invested in crypto startups like CryptoKitties and OpenBazaar in the past, purchased 6 percent of the total supply of MKR tokens through its $300 million crypto fund, a16z. The fund committed a total of $15 million to the MakerDAO project and marked their investment as a “strategic purchase.” Holding MKR tokens will offer a16z the rights to govern MakerDAO and the Dai Credit System as it becomes the first decentralized autonomous stablecoin organization.

The Dai Credit System proposes to handle a decentralized stablecoin called Dai using smart contracts on the Ethereum blockchain. The self-governing ecosystem creates the durable token when people collateralize their assets to secure a loan. Dai becomes the central cryptocurrency to denote the loan amount that is equivalent to…

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