MakerDAO votes to collaborate with a traditional bank
The Maker Protocol could extend yet another arm into the traditional financial space if a proposed integration with a Pennsylvania-based bank passes this week.
MakerDAO is voting on a proposal that will integrate a traditional bank into its ecosystem for the first time, allowing the bank to borrow against its assets using decentralized finance (DeFi).
Currently, 83% of voters support the proposal. Voting closes at 12:00 p.m. EST on July 7.
The proposal involves creating a vault with 100 million Dai (DAI) for Huntingdon Valley Bank (HVB) under a new type of collateral in the Maker Protocol.
This will essentially allow the Maker Protocol to begin issuing actual loans to borrowers through a fully backed traditional institution by adhering to the bank's standards.
A US-based bank's first collateral integration into the DeFi ecosystem is getting closer.
Maker governance votes to add RWA-009, a DAI100 million debt ceiling participation facility offered by Huntingdon Valley Bank, as a new collateral type in the Maker protocol pic.twitter.com /fOdusdjCFS
— Maker (@MakerDAO) July 4, 2022The decision to integrate the bank follows another decision to move closer to traditional finance after MakerDAO members voted to invest DAI's $500 million in treasury bills and corporate bonds last week.
MakerDAO governs the Maker Protocol, which issues USD-pegged DAI stablecoins in...
The Maker Protocol could extend yet another arm into the traditional financial space if a proposed integration with a Pennsylvania-based bank passes this week.
MakerDAO is voting on a proposal that will integrate a traditional bank into its ecosystem for the first time, allowing the bank to borrow against its assets using decentralized finance (DeFi).
Currently, 83% of voters support the proposal. Voting closes at 12:00 p.m. EST on July 7.
The proposal involves creating a vault with 100 million Dai (DAI) for Huntingdon Valley Bank (HVB) under a new type of collateral in the Maker Protocol.
This will essentially allow the Maker Protocol to begin issuing actual loans to borrowers through a fully backed traditional institution by adhering to the bank's standards.
A US-based bank's first collateral integration into the DeFi ecosystem is getting closer.
Maker governance votes to add RWA-009, a DAI100 million debt ceiling participation facility offered by Huntingdon Valley Bank, as a new collateral type in the Maker protocol pic.twitter.com /fOdusdjCFS
— Maker (@MakerDAO) July 4, 2022The decision to integrate the bank follows another decision to move closer to traditional finance after MakerDAO members voted to invest DAI's $500 million in treasury bills and corporate bonds last week.
MakerDAO governs the Maker Protocol, which issues USD-pegged DAI stablecoins in...
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