MakerDAO, one of the oldest and most popular cryptocurrency projects of the Ethereum (ETH) network, put an interesting proposal to the vote in its community. The MakerDAO team, which also manages the stablecoin called DAI, is voting to include a traditional bank in the ecosystem. If this vote is accepted, the bank in question will be able to introduce its own assets into the world of DeFi.

As of July 7, 83% support the proposal and it seems that the bank will receive approval if there is no major change. The proposal includes producing a private pool containing 100 million DAI and opening it up to Huntingdon Valley Bank (HVB) for new collaboration.

   "The first collateral integration from a US-based bank in the DeFi ecosystem is getting closer. The Maker Governance votes to add RWA-009, a 100 million DAI debt ceiling participation facility proposed by the Huntingdon Valley Bank, as a new collateral type in the Maker Protocol"


Last week, MakerDAO members approved the use of $500 million worth of DAI to invest in corporate and US Treasuries. Right after this, a vote that will allow a traditional bank to get DeFi-based loans was also implemented, and it seems that the project is more active than ever before. HVB, on the other hand, is known as a bank established in Pennsylvania in 1871.

mkr hvb

The partnership with HVB and Maker Protocol is particularly important for Maker Protocol. Maker Protocol is not currently able to provide direct US dollar loans to borrowers, but a special agency will be created by MakerDAO. This will remove the barriers to integration with a traditional bank and make it possible.

At the time of writing the Maker price news, DAO's last 24-hour trading volume was $98,459,116 while priced at $972.01 according to CoinGeceko data. DAO price has increased by 7.9% in the last 24 hours.