A16Z supported the proposal for MakerDao about the placement of USDC in Coinbase Prime

The venture company Andreessen Horowitz supported the proposal of the Coinbase cryptocurrency exchange about the translating of a third of the USDC from the MakerDao stability module in Coinbase Prime.

We’re excited to support @coinbase‘s proposal for USDC institutional rewards with @MakerDAO, which has a lot of positive implications for both parties and represents the beginning of a new potential partnership for @MakerDAO. https: // t.Co/G9QEDLPMUG PIC.Twitter.COM/A56MYE4AGR

– Porter Smith (@_Porsmith) October 21, 2022

“We are pleased to support Coinbase about the payment of institutional remuneration for USDC via MakerDao, which will positively affect both sides and launch a new potential partnership with the project,” wrote Andreessen Horowitz Porter Smith.

According to Block Analytica, the USDC volume in PSM is estimated at $ 3.37 billion. If the MakerDao community accepts Coinbase, the Prime service oriented on institutional investors will send assets worth $ 1 Leverage in cryptocurrency .11 billion. Funds will be placed at the rate of 1.5% per annum.

Voting on the initiative will last until October 24. At the time of writing, the proposal supported more than 85% of the participants.

Coinbase is a partner of Circle in the Center Consortium, which produces USDC. Andreessen Horowitz provided financing the cryptocurrency exchange and the MakerDao Protocol team.

Recall that in October 2022, the head of Gemini Tyler Winklvoss suggested that Makerdao pay 1.25% per annum for deposits in GUSD.

According to Messari analysts, in the third quarter the protocol income decreased by 86%.

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