MakerDAO on course to custody 1.1 billion USDC with Coinbase for rewards
MakerDAO, the issuer of the stablecoin DAI, appears set to move forward with a proposal to onboard an account to Coinbase prime and transfer roughly 33% of its USDC ($1.1 billion) into custody. The ongoing vote ends Oct. 24, and as of press time, 88.19% of voting MKR tokens are in favor of approval.
a16z deal partner, Porter Smith, announced the venture capital firm’s support for Coinbase Institutional’s Maker Improvement Proposal (MIP) 81 that would provide institutional rewards for USDC with MakerDAO. Founded by Marc Andreessen and Ben Horowitz, a16z cast the majority vote that solidified approval of MIP81. MakerDAO will use the 1.6 billion USDC to participate.
Source
https://t.me/Crypto_Bitcoin_Blockchain
