The Cryptocurrency Backed by VC Giant Andreessen Horowitz
Stability is what the cryptocurrency world needs right now, says Rune Christensen, founder of MakerDAO.
That’s why his company’s Dai token has attracted major backers like venture capital firm Andreessen Horowitz.
“A stable cryptocurrency really is one of those really fundamental building blocks that every other application needs [in order] to function,” says Christensen.
The Dai, which launched in December 2017 and is the first decentralized cryptocurrency on the Ethereum blockchain, gets rid of volatility by pegging itself to the U.S. dollar. That means one Dai is always worth $1. It is also backed by centralized assets.
Unlike other cryptocurrencies, the Dai isn’t for speculative investments. Holders can easily convert it into fiat currency and send it to each other.
For the full interview, [click here](https://cheddar.com/videos/the-no-volatility-cryptocurrency).
Stocks jumped in Monday's early session after a slew of earnings and other news events that saw the market attempt to make a positive finish to a rough month. Investors also braced for a rate decision from the Federal Reserve as well as the latest jobs report this week.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Google's head of search testified at the company's trial Thursday as it started presenting its defense. The Justice Department in several states alleged that Google violated antitrust law to achieve its dominance in search.
