Draper Goren Holm Ventures purchases stake in DeFi Money Market DAO

DMM DAO is capitalizing on declining yields globally through the creation of higher-yield decentralized money markets, called DeFi Money Markets (DMM) via blockchain technology...

Draper Goren Holm Ventures purchases stake in DeFi Money Market DAO

Tim Draper and the team at Draper Goren Holm Ventures, a VC fund focused on blockchain startups, announced today they have purchased a stake in the DMM DAO, the governing organization of the DeFi Money Market (DMM) Protocol. The stake was purchased in the form of DMG — the soon-to-be-released governance token that will run the DMM DAO.

DMG

The DMG token will offer holders the right to vote and direct the system that bridges the gap between real-world assets and the new on-chain economy. Additionally, its holders will have a claim on positive income streams between mAsset payments and the real-world assets income payments. The Foundation envisions these positive income streams being used in a variety of ways, like funding further loans, capitalizing related assets, or otherwise growing the ecosystem. The DMM Foundation plans to auction a portion of these DMG tokens via dutch auction on the DutchX soon (the specific date is to be announced).

Protocol

DMM Protocol acts as a bridge between Ethereum digital assets and real-world assets allowing holders to earn interest completely on-chain. DMM DAO is the governance arm of the protocol; which provides users with stable 6.25% earned interest on DAI and USDC. DMM recently launched using Chainlink’s secure oracles to validate and make viewable the asset backing on-chain.

“We have been working in stealth mode with the team at DeFi Money Market Foundation for half a year; and we’re excited at their recent launch. They are a team with deep domain expertise in DeFi and Fintech and proven builders of innovative technology platforms. We look forward to helping them expand the DeFi Money Market globally.”
– Alon Goren, Managing Partner at Draper Goren Holm

At the time of publishing, there is roughly $138 billion in cryptocurrencies, $17 trillion of negative-yielding debt globally (more than 25% of global investment grade debt); and $90.4 trillion of physical money in the world earning little, zero, or even negative interest. The DMM Protocol is a simple and elegant interface that enables anyone to earn 6.25% backed by real-world assets through the DeFi Money Market app.

“We are really pleased to be working with Tim, Alon, and Josef in building this new financial product; the DeFi Money Market (DMM) which allows any holder of an Ethereum digital asset; and soon any holder of fiat currency, to earn 6.25%. We think this makes earning stable, passive interest income once again a reality.”
Gregory Keough, from the DeFi Money Market Foundation

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