MakerDAO’s vote to open a DAI account with US-based Huntingdon Valley Bank was positive.
MakerDAO, 1871 operating since Approved the US-based Huntingdon Valley Bank’s request to open a stablecoin loan account. Account to the bank’s balance sheet off-chain deposit as collateral after deposit to DAI borrowing will work as a permissive system.
The bank initially He can borrow up to $100 million. Borrowing limit It will be increased to $1 billion in 12 months. “MakerDAO Bank Participation Trust” a Delaware-based trustthe bank loan assets On behalf of MakerDAO will manage with the bank.
In the official statement, the bank announced that it received DAIs from MakerDAO. to support their operations stated that he would use it. Estimated annual for MakerDAO of this deal He claimed it would deliver a 3% return.
With this agreement, experts MakerDAO strengthened its balance sheet and reputation they expressed their thoughts.
As a result of voting of 87% a large part of this agreement welcomed but some segments decentralized a financial structure with traditional financial institutions from the idea of working was not satisfied. Chris Blec, founder of DeFiWatch, has 3.1% corresponding to the vote 4,128 MKR with largest MakerDAO delegate to vote against it happened.