Visa-Affiliated Anchorage Launches New MakerDAO Governance Voting Platform

On-chain governance is becoming more common for many different platforms, and Coinbase Custody is already playing a major role. How can Anchorage help? To answer this question, the company has already established a platform that allows more voters to be involved with MakerDAO’s voting protocols.

  • Anchorage’s new platform is called Anchorage Governance, supporting MKR token holders.
  • Co-founder and Anchorage president Diogo Monica expressed that there are other projects presently in the works for this institutional custody provider.

MakerDAO’s Maker (MKR) is the first cryptocurrency to get inclusion into the newly released governance voting platform by Anchorage cryptocurrency custody provider.

Anchorage, an institutional custody provider, is working to increase voter turnout for the Maker platform. In doing so, they have launched a new on-chain governance platform for the MKR token holders, which was recently announced on Thursday by Anchorage. Reported by The Block, Anchorage stated that the new Anchorage Governance will be allowing any of their clients with MKR tokens to participate in a vote with Multi-Collateral Dai (MCD). It also allows them to participate in any subsequent executive votes.

The platform is months in the making, though it is exclusively meant for executive votes, rather than polling, according to co-founder and Anchorage president Diogo Monica. Anchorage clients, like Polychain and Paradigm, have the opportunity to vote on decisions like the changes to the Stability Fee, along with other governance matters.

Rune Christensen, the founder of MakerDAO, stated,

“It's important to the success of MakerDAO that Anchorage clients who hold MKR can vote easily and securely, and we look forward to increased asset holder participation as a result.”

Kevin Yedid-Botton, the principal at ParaFi Capital (a client of Anchorage), added to this sentiment, stating,

“It is our duty to participate in governance decisions that affect the DeFi [decentralized finance] ecosystem and digital credit markets.”

Anchorage clarified that their clients possess “significant” holdings in this token, which is why they believe that the new voting platform will have a major impact on the future voter turnout of these governance issues. Still, as research analyst Matteo Leibowitz for The Block pointed out, there’s no guarantee that the correct decision making will be made with these higher voter turnouts.

Monica noted,

“We are agnostic on which way our clients vote on any given issue.” Still, the institutional investors involved are “strongly incentivized to make the best decisions for the health of the networks they invest in because they have so much at stake.”

Along with Anchorage, Coinbase Custody already has a governance voting platform that involves MKR holders.

However, Monica said,

“Coinbase’s model involves moving assets from a cold storage key into a proxy smart contract, which is controlled by a hot wallet…and is more exposed to risk.” On the other hand, Monica pointed out that “our model does not use hot wallets or cold storage, and therefore we do not need to use a proxy smart contract.”

Since it is becoming more common for Tezos, EOS, and similar protocols to establish on-chain governance, Anchorage hopes to support “many more” crypto assets going forward.

When pressed for more details, Monica told The Block,

“Right now we’re highly focused on supporting several major new projects that are yet to launch, so that our clients will be supported on day one.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today