Business Giant Andreessen Horowitz Invests $15m in MKR
Millionaire businessman Andreessen Horowitz contributed $15 million to MakerDAO, the company that issued the DAI stablecoin.
Six percent of MKR’s supply was bought by a16z, the venture agency’s recently-launched fund devoted to making large crypto, token, BC tech investments, stated MakerDAO. The purchasers paid only 75% of the full market price after receiving a significant discount.
MakerDAO has hinted that this investment is due to sustain operations for around 3 years, particularly in order to boost the ecosystem surrounding MKR. Despite this, the large funds have prompted inquiries about the project’s decentralized infrastructure, since the sum was sourced without various approvals.
Leaders in the Industry
The initiative was launched by Katie Haun, one of a16z’s partners who had entered the company early on in the year. Haun had previously worked as a prosecutor for the federal government leading crypto teams investigating the likes of the infamous Silk Road. Haun is also a current board member at Coinbase.
Haun released a statement following the investment applauding MakerDAO as an innovative entity in the crypto community, particularly stablecoins. She believes that the company’s tech and ecosphere will help progress the crypto sector in the future.
a16z is not new to making such investments- they have invested in Basis and TrustToken in the past, leading consumers to believe that they are placing their hopes on virtual currencies survival and place in the industry.