Members of the MakerDAO DeFi platform community voted 72.9% to 26.1% (1.1% abstained) rejected Cogent Bank’s request for a $100m loan.
The financial institution, with assets of $1.2 billion and a Florida license, was planning to use the funds to lend to corporate clients.
The proposal illustrates the platform generating revenue from real-world assets, uncorrelated with cryptocurrencies.
If approved, the deal would have been structured through the RWA Master Participation Trust on the same model as Huntingdon Valley Bank. In July 2022, the MakerDAO community approved the creation of a storage facility for this organisation with a limit of $100m in DAI.
Earlier, Société Générale raised $7 million in DAI through a loan from MakerDAO.
In July 2022, members of the DeFi platform’s community approved the participation of the financial conglomerate as a borrower of the platform.