MakerDAO receives $27.5M from Dragonfly and Paradigm to expand into Asia

Dragonfly Capital and Paradigm have purchased $27.5 million of MKR tokens, representing around 5.5% of the total supply with the goal of helping the project expand into Asia. The strategic partnership looks to bring broader adoption of Dai to a market dominated by USDT.

Why it matters

• Tether currently accounts for more than 95% of total stablecoin volume, largely driven by the Asian markets. Dragonfly Capital maintains a presence in Beijing and hopes to bridge this gap
• This sale, along with the prior strategic purchase by Andreesen Horowitz means that these three investors account for 11.5% of the supply giving them substantial influence over the governance of the network.