Maker (MKR) Raises $27.5 Million From Two VC Firms

Voyager
Voyager

The Maker Foundation (MKR) revealed on Thursday that it has secured a major investment from two venture capital firms.

According to the announcement, Maker has raised $27.5 million through a direct sale of 5.5% of the total MKR supply to Dragonfly Capital Partners and Paradigm — valuing MKR at $500 million. The capital raised from the sale is set to go toward expanding into Asian markets.

Both Dragonfly Partners and Paradigm will participate in the decentralized organization’s on-chain governance moving forward.

Dragonfly Capital’s portfolio (Dragonfly Capital)

“MakerDAO represents the promise of decentralized finance. The mechanism is an innovation in enabling global, permissionless access to credit,” said Charlie Noyes, a partner a Paradigm. “We look forward to participating in this community.”

This news comes just over a month after Maker released its much-anticipated, multi-collateral Dai (DAI) stablecoin, with Ethereum (ETH) and Basic Attention Token (BAT) as collateral options.

“Dai continues to be the stablecoin of choice in all global markets for its decentralization and overall stability,” added Maker Foundation CEO Rune Christensen. “The support and expertise of Dragonfly Partners and Paradigm will give Dai an unparalleled advantage in driving innovation and adoption in Asia.”

Maker previously raised $16 million selling 6% of the MKR supply to venture capital giant Andreessen Horowitz in 2018.

More: Maker Foundation Announces $27.5 Million MKR Sale to Dragonfly Capital Partners and Paradigm

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts