Draper Goren Holm has invested in DeFi Money Market (DMM) a platform that enables digital asset holders to Earn 6.25% backed by real-world assets, according to a company release.
Draper Goren Holm is a young venture group that includes prominent VC Tim Draper. A noted crypto enthusiast and long-time Bitcoin bull, Draper has backed many big tech names like Coinbase and Baidu. This specific investment is for equity in DMM DAO the governing organization of the DeFi Money Market Protocol.
According to the VC, the DMM Protocol acts as a bridge between Ethereum digital assets and real-world assets allowing holders to earn interest all on-chain. DMM DAO is the governance arm of the protocol that leverages the best of blockchain and real-world assets to “provide stable 6.25% earned interest income to consumers.”
DMM launched the DeFi Money Market using Chainlink’s secure oracles to validate and make viewable the asset backing on-chain.
Draper Goren Holm notes that currently there is about $274 billion in crypto, $17 trillion of negative-yielding debt globally (more than 25% of global investment grade debt) and $90.4 trillion of physical money in the world earning little, zero, or even negative interest. The goal is to allow crypto holders to earn 6.25% by using the DeFi Money Market App.
Draper said that many crypto and traditional investors are looking for stable, secure passive income:
“Gregory Keough and the team at the DMM Foundation leverage blockchain to allow users to earn passive income,” he said.
Alon Goren, Managing Partner at Draper Goren Holm explained they have been working in stealth mode with the team at DeFi Money Market Foundation for half a year and they are excited at their recent launch.
“They are a team with deep domain expertise in DeFi and Fintech and proven builders of innovative technology platforms. We look forward to help them expand the DeFi Money Market globally.”
Josef Holm, Managing Partner at Draper Goren Holm, added:
“Being from Europe we have long struggled with low or negative interest rates. The ability to purchase DMM and earn 6.25% backed by real world assets viewable on chain I believe can have a profound impact on the Ethereum and Fiat ecosystems alike and are pleased to be working with the DMM Foundation.”
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