Investment with a touch of scandal: the Fund a16z supported stablon Dai $15 million
A major investment Fund invests small by their standards the amount of the most famous of tablconv. It would seem that it is an ordinary deal. But the piquancy of the situation — in her terms.
So, on 24 September, the issuing company stabilini DAI — MakerDAO officially announced that a16z venture Fund repurchased 6% of its tokens MKR for $15 million.
a16z is a relatively recent name. In any case, recall that the venture Fund Andreessen Horowitz investment company with a capital of $300 million, which was created in August for investment in the crypto and blockchain projects.
Due to the deal a16z gets a share in the “first functioning decentralized stabilize” Dai, tied to the dollar and using smart contracts on Ethereum, and potentially on any other blockchain.
Accordingly, a16z will participate in the management of MakerDAO DAI and Credit System, when it becomes the first decentralized organization, management steilcoom.
It would seem, everything is logical — the usual deal in which each party receives what they want. However, the main strategist of the company’s digital asset management CoinShares and founder of Athena Capital Meltem Demirors drew attention to the fact that 6% of the tokens DMR for $15 million — a very substantial discount.
The whole volume token MKR claimed at 1 million units, now the market is trading 728,3 thousand — from a volume or take 6%, so the price is very much less current.
According to Coinmarketcap, there is 1 MKR is a little more expensive $450 per unit. Discount this size looks more like an attempt of one of the participants to save the situation, and immediately to attract the necessary funds.
The parties skillfully sidestepped the question of the purchase of tokens — 6% at this price the Fund simply would not be able to buy on the market. So, there were over-the-counter transaction, which, it seems, members of the TAO found out after the fact — on the website of DAO no trace of discussion or voting on this matter.
The tokens were sold not just to the investor from the outside, it looks like one of the existing ones. Anyway, in earlier analyses in the number of investors mentioned Andreessen Horowitz, the parent company of a16z.
“$15 million to Finance operating activities during the three years — people may interpret it as a sign that the project is able to attract high-quality debt capital notes Demirors. But I think that this is a serious failure in the management of the project.”