The proposal seeks the same terms and conditions applied to Pennsylvania-based bank Huntingdon Valley Bank.
in July 2022, allowing the bank to borrow against its assets using DeFi.
Under the same conditions, MakerDAO would use its trust arm to link the capital available at Cogent Bank with MakerDAO’s Dai stablecoin. The trust entity would be responsible for ensuring DAI minting and destruction from the vault, as well as managing the partnership with the bank.
Among the revenue sources for MakerDAO are fees associated with maintaining the vault, minting DAI, and yields. The benchmark 30-day average secured overnight financing rateBefore its acquisition in 2018, Cogent Bank was known as Pinnacle Bank. The Florida bank has $1.3 billion of assets under management and is insured by the Federal Deposit Insurance Corporation. According to the company, loans originated in the first three quarters of 2022 totaled $602 million and summed $873 million in 2021.
In a bid to endure the crypto winter in 2022, MakerDAO disclosed a governance process for its first collaboration with a traditional bank, Huntingdon Valley Bank. At that time, the DeFi protocol announced plans to onboard other banks depending on the results of its integration with HVB.
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