Maker sells $12M of MKR to partners, led by Andreessen Horowitz and Polychain Capital

We are excited to announce that Andreessen Horowitz and Polychain Capital have led the purchase of $12M of MKR from the MakerDAO Development Fund. Other notable partners include Distributed Capital Partners, Scanate, FBG Capital, Wyre Capital, Walden Bridge Capital, and 1confirmation.

We are proud to invite to our team committed, strategic partners who share our long term vision of building a powerful platform to bring about a digital financial revolution. Many of our partners have been active volunteer participants in the Maker community for years. They have worked closely with us to support marketing efforts, grow our business development pipeline, and build tools and products for the Maker platform. There will be a minimum of a one year lock-up period for their MKR.

Funds from this capital raise will go towards expanding our development resources, funding a long term go-to-market strategy, increasing our network’s reach, and helping advance our long term development roadmap.

The Maker team is looking forward to continue working closely with our existing partners, and we welcome new partners like Chris Dixon from Andreessen Horowitz to the Maker family. Chris is a legendary investor who has long been a vocal supporter of the blockchain revolution. Since joining the firm in January 2013, Dixon has led a variety of notable investments for the firm, including Coinbase.

The purchase aligns with the upcoming launch of Dai.

On Dec 17 we are releasing Ethereum’s first decentralized stablecoin, Dai. Long considered the “holy grail” of the cryptocurrency ecosystem, a decentralized stablecoin with minimal volatility will introduce a new era of usability and mainstream adoption.

“The quality of the Maker Community will be the most critical factor behind the success of Dai. We are happy to see that what started as a grassroots movement, has become a strong community supported by passionate individuals and powerful actors. We are grateful for the dedication and support and are excited to reach a new pace of development” shares Maker project lead Rune Christensen.

Moving forward, this is the first step in our ongoing process to push forward a revolution in the blockchain industry. We’re incredibly pleased to have the support of our partners on our mission to build a secure, fair, and decentralized financial ecosystem.