Andreessen Horowitz Invests $15 Million in Stablecoin Firm

Andreessen Horowitz, American venture capital fund, has invested 15 mln USD into the blockchain startup called MakerDAO. The news was announced on the 24th of September.

MakerDAO is a firm that is behind the Ethereum based Stablecoin, and its credit system. DAI users can get a stable coin when they lock some stable amount of ethers in a smart contract, so, when they need to access their collateral, they pay DAI debt.

Now, Andreessen Horowitz has bought around 6% of the total token number. The purchase is going to allow the fund to manage the MKR and Dai Credit System, and it will become the first stablecoin organization that will be decentralized and autonomous.

Operating capital will be acquired from further financing stages, community support and operational support provided by 16z team members.

In February this year, the Horowitz fund has already participated in the startup`s sale, contributing 61 mln USD.

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