RATE Group | Venture Capital Funds Back Ethereum’s MakerDAO in Boost for DeFi
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Venture Capital Funds Back Ethereum’s MakerDAO in Boost for DeFi

20 Dec Venture Capital Funds Back Ethereum’s MakerDAO in Boost for DeFi

Posted at 07:28h in Ethereum News by

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If you’ve perused Crypto Twitter at all over the past few months, you’ve likely heard the term “decentralized finance” or “DeFi” tossed around in relation to Ethereum, the second-largest blockchain by the market capitalization of its cryptocurrency.

To put it simply, DeFi is applications that the regular world of finance handles today put onto a decentralized blockchain and implemented with Ethereum and tokens based on the network.

While many proponents of Bitcoin are skeptical of DeFi, venture capital firms seem to be all for it.

Announced in a blog post published on Thursday, the Maker Foundation, the organization that is behind much of the development of Ethereum application MakerDAO, has announced that venture capital funds Dragonfly Capital Partners and Paradigm have acquired $27.5 million worth of MKR, approximately 5.5% of the total MKR supply.

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