The payment and crypto platform- Crypto.com has announced today about the listing of the USD-pegged stablecoin- Dai (DAI) to its native application. The pre-existing coin and altcoins include- Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple’s XRP, TrueUSD (TUSD), PAXOS (PAX), Crypto.com’s native coin- MCO and CRO. DAI is the latest addition to the growing list of crypto coins and stablecoin gang on the platform.
On this the Co-Founder and CEO of Crypto.com Kris Marszalek 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.
Dai (DAI) is a USD-pegged stablecoin that runs on the ETH Blockchain. Since DAI is now available on Crypto.com, the users of the platform can now buy the crypto coin at its true value, and they will not require to pay for any fees either. The coin purchasing is well supported by both credit card as well as the bank transfer system. Given, Crypto.com already gives MCO Visa Card services, and it makes it even more beneficial for the platform users to use DAI token. They can now easily convert cryptos into fiat currencies. In addition to this, the far-reaching 40 million merchants on the worldwide level, makes it a very favorable spot for DAI to join Crypto.com platform.
The CEO of MakerDAO- Rune Christensen also touched upon the benefits DAI will have after integrating with Crypto.com to serve the users in a far more efficient way. He 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.
On the other hand, recently, Crypto.com launched a very interesting feature called- ‘Pay Your Friends.’ The purpose of this feature is to support the big dream of mass adoption of the cryptocurrency on the worldwide level. The Pay Your Friends feature will replace Venmo, the old feature of the platform. ‘Pay Your Friends’ offers instant payments, crypto transfers to the existing users, and on every new user, the introducer gets a reward of 50 U.S. Dollars after staking a minimum of 50 MCO. There are no limits to this reward. Also, there is a 10 percent reward system every time a user pays back to their friends.
In the MakerDAO world, apparently, DAI loans are proving to be life-saving for many startups. Recently, Monolith CEO Mel Gelderman expressed strong support for Ethereum lifestyle given it is a way that allows the startup to seek support beyond the traditional methods of depending on banks for loans. The startup has started using MakerDAO platform to “hedge” rather than selling out the ether. After the 2018’s major dip in the prices of ether, the ICO funded startup faced major survival challenges, but the CEO’s strategy helped the startup a lot. The CEO has now completely stopped trading and has begun to collateralize ether for DAI loans in its place