The Maker Foundation announced that venture capital funds Dragonfly Capital Partners and Paradigm have acquired $27.5 million worth of MKR approximately 5.5% of the total MKR supply.
The Maker Foundation is the group behind the decentralized crypto platform MakerDAO.
Rise Of DeFi In Asia
The move will support Maker’s efforts to increase adoption in Asia of Dai, its decentralized stablecoin built on the Ethereum blockchain. In addition, Maker will have direct access to both Dragonfly’s and Paradigm’s expertise in the Asian market, increasing the presence of decentralized finance (DeFi) throughout the region.
<img width="1500" height="1000" src="https://i2.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/12/0_6Ek1vMqZgNWYOIfQ.jpg?fit=1024%2C683&ssl=1" alt="defi in asia" class="wp-image-7241 lazyload" />
Managing partner of Dragonfly Capital, Alexander Pack added:
“[MakerDAO] have created a leading DeFi product in crypto, as Dai has become a primary stablecoin for decentralized finance. However, most MKR holders are American venture capitalists. Even though crypto is mainly being used in Asia, MakerDAO needs help expanding their presence in that region.”
While having prominent investors in Asia with a stake in MKR will help Maker build influence in the region, CEO of the Maker Foundation, Rune Christensen, told that Asia is key for the growth of DeFi globally, saying, “DeFi has come a long way and Asia is a place where it will grow, just as it has helped with Bitcoin and Ethereum adoption and influence.”
CEO of the Maker Foundation Rune Christensen added:
“DeFi is a new generation of products that are entirely transparent, where users can see exact cash flows while achieving greater levels of trust and security that can be audited in real time. DeFi also incorporates the global nature of blockchain and its advantages, making these more efficient systems with lower fees and higher yields” .
Although MakerDAO is just now expanding DeFi to Asia, there have already been significant strides made to drive DeFi adoption in general.
Christensen continued:
“The next step is to use OKEx and this funding round as an example that DeFi is ready and can be used in Asia. We then plan to focus on other areas of growth in regions like South America where Dai is already the leading stablecoin.”
Source: Cointelegraph