Drinks: Open bar (drink tickets upon registering)
Venue: Top Hat Coffee (private event)
On August 23, 2022, MakerDAO announced its formal offering to Huntingdon Valley Bank (HVB) of $100 million DAI, marking the “first commercial loan participation between a US Regulated Financial Institution and a decentralized digital currency.”
The speaker for the event will be Philly local Daniel Krewson, MBA, SVP and Market President for HVB, who led the partnership on the HVB end of the deal.
“Using the $100 million MakerDAO vault to purchase interest in real world loans is the first bridge between DeFi and traditional regulated institutions. This will be looked back as the beginning of a new ere blending the boundaries between these two markets,” said Daniel.
The partnership was initiated by proposal submitted by HVB in March, months before the Luna meltdown and following marketplace fallout. MakerDAO formally brought in HVB as a new stablecoin vault type in July with a governance vote, which garnered 87% approval. This timing shows traditional finances confidence in MakerDAO and the DAI stablecoin despite market sentiment.
Industry thought leaders agree with Daniel and believe this event will be looked upon as a pivotal moment in the future growth of the blockchain ecosystem. Mike McCoy, Senior Product Manager for Blockdaemon says, “This event is a watershed moment and a prime example of how lending Real World Assets (RWA) can be a reality in DeFi. In this conversation I look forward to learning what HVB considers as the long term benefits and risks to allowing MakerDAO users to open up this new financial asset class, and much more.”
Come join us for a fun night with the CryptoMondays, DeFi Philly, HVB, and TrueBlocks communities!
CryptoMondays Philly is a chapter of biggest meetup in the world with over 40 active cities and 30,000 members via the CryptoMondaysDAO.