Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Dai (DAI) to its App. DAI joins a growing list of cryptocurrencies and stablecoins on the Crypto.com platform, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, TrueUSD (TUSD), PAXOS (PAX), and its own MCO and CRO Tokens.
Developed by the MakerDAO team, DAI is a USD-pegged stablecoin running on the Ethereum blockchain. Its $1 USD equivalent is maintained through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.
With DAI added to the Crypto.com, users can now purchase it at true cost with no fees - credit card and bank transfer both supported. As Crypto.com also offers the MCO Visa Card, this adds additional utility to DAI as users can easily convert cryptocurrencies into fiat currencies and spend at over 40m merchants globally.
Kris Marszalek, Co-Founder, and CEO of Crypto.com said: "Stablecoins play a critical role in the adoption of cryptocurrencies. We are thrilled to welcome DAI to the Crypto.com platform and look forward to working together on accelerating the world's transition to cryptocurrency."
Rune Christensen, CEO of MakerDAO said: "The integration of DAI across the Crypto.com ecosystem opens a new world of access, and stability, for millions of users around the world."
MakerDAO is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar. Maker enables anyone to leverage their Ethereum assets to generate Dai on the Maker Platform. Once generated, Dai can be used in the same manner as any other cryptocurrency: it can be freely sent to others, used as payments for goods and services, or held as long term savings. Founded in 2014, the company is headquartered in Santa Cruz, California.
Crypto.com was founded in 2016 to accelerate the world's transition to cryptocurrency. Key products include the Crypto.com App, the best place to buy, sell, and pay with crypto, the MCO Visa Card, a metal card with no annual fees, and the Crypto.com Chain, which enables users to pay and be paid in any crypto, anywhere, for free. Crypto.com is headquartered in Hong Kong with a 150+ strong team.
Source: PR Newswire