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BY CNA Team - September 25, 2018

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Andreesen Horowitz buys US$15mil worth of dai stablecoins

MakerDao sells US$15mil of dai stablecoin to Andreesen Horowitz
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Andreesen Horowitz has acquired 6% of MakerDao’s total supply of the dai stablecoin for US$15mil.

MakerDao says in a statement on Medium that the tokens were bought through the venture capital firm’s a16z crypto investment fund.

It says 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 token holder, the fund can now participate in the governance of MakerDAO and the dai credit system as it becomes the first decentralized autonomous stablecoin organization.

It says the move to invest in the tokens 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, a darknet marketplace.

Through Andreessen Horowitz’s investment, MakerDao will receive operating capital through the next growth stage, three years of support for the community and full operational support.

It says that adoption of the stablecoin and regulatory support were the first priorities, with the venture capital firm opening up its expertise and network in areas ranging from sales and business development (including partnerships), marketing, technical talent, human resource operations, and more.

Image courtesy of MakerDAO website.

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