LOS ANGELES, Ca.- Tim Draper, the billionaire VC who has previously backed Tesla, SpaceX, Coinbase and Baidu, and is heavily invested in crypto, has purchased a stake in the DMM Decentralized Autonomous Organization (DMM DAO). Draper and the team at Draper Goren Holm Ventures, a leading fintech VC fund focused on rapidly growing blockchain startups, announced today they purchased a stake in the DMM DAO the governing organization of the DeFi Money Market (DMM) Protocol.
The stake was purchased in the form of DMG — The soon-to-be-released governance token that will run the DMM DAO. The DMG token will offer holders the right to vote and direct the system that bridges the gap between real-world assets and the new on-chain economy. Additionally, its holders will have a claim on positive income streams between mAsset payments and the real-world assets income payments. The Foundation envisions these positive income streams being used in a variety of ways, like funding further loans, capitalizing related assets, or otherwise growing the ecosystem. The DMM Foundation plans to auction a portion of these DMG tokens via dutch auction on the DutchX soon (its specific date is TBA). To learn more about DMG, check out the DMM white paper.
The DMM Protocol acts as a bridge between Ethereum digital assets and real-world assets allowing holders to earn interest completely on-chain. DMM DAO is the governance arm of the protocol that leverages the best of blockchain and real-world assets to provide stable 6.25% earned interest income to consumers. DMM launched the DeFi Money Market using Chainlink’s secure oracles to validate and make viewable the asset backing on-chain.
DMM DAO is capitalizing on declining yields globally through the creation of higher-yield decentralized money markets, called DeFi Money Markets (DMM) via blockchain technology. At the time of publishing, there’s roughly $138 billion in cryptocurrencies, $17 trillion of negative yielding debt globally (more than 25% of global investment grade debt) and $90.4 trillion of physical money in the world earning little, zero, or even negative interest. The DMM Protocol is a simple and elegant interface to allow anyone to earn 6.25% backed by real-world assets by visiting the DeFi Money Market App.
The team at the DMM Foundation are FinTech and DeFi experts who are leveraging blockchain to solve an enormous global problem, how to earn passive income. What’s really exciting is they are allowing consumers to earn 6.25% interest while providing a level of transparency into the underlying asset backing through the use of blockchain technology that has never been previously available.
By merging the benefits of blockchain with real-world, income-producing assets it ushers in the return of passive earned interest availability to crypto holders and traditional investors alike. Industry leaders believe the DMM DAO and DeFi Money Market contributions to the Ethereum ecosystem and overall global financial system could be substantial.
Tim Draper, Billionaire VC and Crypto Investor stated, “Many crypto and traditional investors are looking for stable, secure passive income. Gregory Keough and the team at the DMM Foundation leverage blockchain to allow users to earn passive income.”
Sergey Nazarov, Co-founder of Chainlink, commented on the DMM protocol saying, “We’re excited to work with DMM to pioneer development of this new class of DeFi products by providing secure and reliable oracles for sourcing information about real-world assets from trusted off-chain sources. Adding real-world assets as collateral for blockchain-based money markets has the potential to create consistent, stable yields in a decentralized, permissionless manner.”
Gregory Keough, from the DeFi Money Market Foundation stated, “We are really pleased to be working with Tim, Alon, and Josef in building this new financial product, the DeFi Money Market (DMM) which allows any holder of an Ethereum digital asset, and soon any holder of fiat currency, to earn 6.25%. We think this makes earning stable, passive interest income once again a reality.”
Alon Goren, Managing Partner at Draper Goren Holm said, “We have been working in stealth mode with the team at DeFi Money Market Foundation for half a year and we’re excited at their recent launch. They are a team with deep domain expertise in DeFi and Fintech and proven builders of innovative technology platforms. We look forward to help them expand the DeFi Money Market globally.”
Josef Holm, Managing Partner at Draper Goren Holm, added “Being from Europe we have long struggled with low or negative interest rates. The ability to purchase DMM and earn 6.25% backed by real world assets viewable on chain I believe can have a profound impact on the Ethereum and Fiat ecosystems alike and are pleased to be working with the DMM Foundation.”
To start earning 6.25% with DMM please click here.
To learn more about DeFi Money Market (DMM), be sure to follow us on social media, read our white paper, browse the explorer, and earn some interest via mAssets:
- Twitter — https://twitter.com/DMMDAO
- White Paper — https://defimoneymarket.com/DMM-Ecosystem.pdf
- Explorer — https://explorer.defimoneymarket.com
- Earn Interest via mAssets — https://app.defimoneymarket.com
- Contact — email@example.com
DeFi Money Market (DMM) provides a decentralized, transparent and permissionless environment to empower all citizens to once again earn interest on their currency backed by real-world assets represented on-chain. The DeFi Money Market (DMM) protocol acts as a bridge between Ethereum digital assets and real-world assets, allowing digital asset holders to earn interest completely on-chain in the way they are accustomed to, but driven by a secure and uncorrelated basket of real-world assets.