MakerDao is one of the exciting projects of this year. While Maker (MKR) cryptocurrency has been hot crypto as it registered significant gains, about $2 million worth of Ethereum has been locked in Collateralized Debt position (CDP). The team is also hard at work as they recently run a proposal among the MakerDao community to raise the stability fee to control the 1 dollar pegged Dai.

In the latest turn of events, Ether Capital, the Toronto-based technology company that works toward providing public market investors’ access and exposure to the Ethereum and Web 3 ecosystem has made an investment of US $1 million in Maker (MKR), the governance token of MakerDao project.

“As one of the most respected projects in Ethereum, Maker represents a key piece of infrastructure that we expect will drive mainstream growth and adoption. Maker and Dai fit perfectly within our Web 3 thesis and have achieved substantial developer mindshare within the ecosystem. The success of Maker and Dai is not only a testament to the innovation happening within the Ethereum community but also to the flexibility and utility of the Ethereum platform itself,”

said Brian Mosoff, the CEO of Ether Capital.

Dai is “Foundational Part” In A Web 3 Vision

The decentralized credit platform built on Ethereum blockchain, Maker leverages collateral to produce a stablecoin. In 2019, it plans to deploy a new version of the platform that will go beyond ETH by allowing multiple collateral types to be used in its credit system.

This, according to Ether Capital’s official announcement

“promises to potentially bring additional scalability to Dai issuance and ultimately set the stage for multi-billions of dollars worth of collateral to enter the Maker system.”

Moreover, given the fact that Dai is neutral, transparent and decentralized, it is seen as the “foundational part” of a Web 3 vision.

“We are delighted that Ether Capital has participated in the MKR private sale. Ether Capital has shown a long-term commitment to the Ethereum ecosystem and we look forward to their participation in Maker governance,”

said Rune Christensen, the founder of Maker.

In accordance with its security policies, Ether Capital holds MKR tokens in its multi-sig wallet and further intends to hold them as a long-term strategic asset. Ether Capital actually purchased 2,300 MKR tokens from the Maker Foundation in exchange for 7,374 Ether.

The company is “thrilled” to be an investor in Maker and will be supporting the team and foundation by participating and contributing to the weekly governance calls for a minimum of one year period.