Growth CU weekly update: June 25 - July 1

General Updates

KYC to work with institutions.

  • This week we had a second conversation with Circle. Thanks everyone for the discussion in the latest post. With all your questions/comments, we asked Circle for a second call to understand in more detail their requirements to open a Yield account with them. I think this is interesting, in case we want to invest in TradFi @PaperImperium

    • Circle requires an accredited investor as counterparty. It could be a trust, an individual, and it doesn’t have to be incorporated in the US.

    • KYC for the company and also for the controlling partners in the company.

    • Circle is in conversations with other DAOs, but those DAOs have a Foundation or a central entity that manages the treasury.

  • We also talked with Galaxy. Big fans of Maker, and they would love to use Maker Vaults, but they need to KYC us if we want to work with them…

  • MakerGrowth legal advisor will start working on this. We want to provide the Maker Community legal’s PoV to understand the risks and the options we have if we’re going to proceed with any of these.

PSM delay

  • Thank you everyone, for supporting the delay! Our team is talking with Paxos and also with Binance. Binance is willing to showcase Dai as one of the top 10 use cases for BUSD if we include them in the PSM. We are working on a post with all the updates from Paxos, Binance and Gemini regarding PSM.

:star2: Star of the week :star2:

Blockfi is live with Dai for trading and their BIA (Blockfi Interest Account) Dai holders can earn their introductory rate of 8.5% through July 30. (Awesome news @Jenn !)

Tweet of the week

9 Likes

Thank for you for this update!

I am confused by this. Requiring KYC to receive funds from the DAO itself, sure, why not. Requiring KYC to use existing vaults: ?. I don’t really understand. It seems like a non-problem with a bridge company/trust/whatever willing to open a vault. This adds no risk to Maker. I’m probably missing something.

2 Likes

I am really proud of the team for especially Blockfi integration this week. It took a very long time and effort :clap:

3 Likes

The Cayman Foundation we are working on might be a good option.