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MakerDAO Approves $100M Loan Vault to 151-Year Old US Bank
Summary: MakerDAO, a peer-to-peer lending and borrowing crypto platform and creator of the stablecoin DAI, has approved Huntingdon Valley Bank (HVBank), a 151-year old US bank, to open a $100 million stablecoin loan vault, according to The Block. MakerDAO holders voted overwhelmingly in favor of creating a vault for HVBank with a 87.24% yes vote. At ...
MakerDAO, a peer-to-peer lending and borrowing crypto platform and creator of the stablecoin DAI, has approved Huntingdon Valley Bank (HVBank), a 151-year old US bank, to open a $100 million stablecoin loan vault, according to The Block.
MakerDAO holders voted overwhelmingly in favor of creating a vault for HVBank with a 87.24% yes vote.
At the launch, the 151-year-old bank will be able to borrow up to $100 million, with that increasing to $1 billion over the course of the next year.
MakerDAO anticipates that this deal will bridge the gap between DAI and traditional finance and hopefully strengthen DAI’s use. The official proposal stated that the DAI borrowed by HVBank will help support the bank’s operations. It claimed that it would generate a roughly 3% yield for MakerDAO.
Author: Tyler Irvin
Tags: Dai,Huntingdon Valley Bank,MakerDAO
Link: MakerDAO Approves $100M Loan Vault to 151-Year Old US Bank [Copy]
