Coinbase Card Rolls out DAI as First Supported Stablecoin: Official
Helen Partz's original article for cointelegraph.com reduced by 72%
Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai, a stablecoin pegged to the United States dollar. According to a blog post on Dec. 6, Dai is the first stablecoin that is available on Coinbase Card, alongside major cryptocurrencies such as Bitcoin and Litecoin.
As 1 DAI is equivalent to $1, the addition of the stablecoin to the Coinbase Card aims to allow customers to spend crypto with less volatility, the announcement says. Coinbase Card now supports a total of 10 cryptocurrenciesLaunched in April 2019, Coinbase Card is a Visa debit card that allows users to spend cryptocurrencies to pay for goods as well as to withdraw cash from ATMs. Instantly converting customers' crypto into fiat currency, the card was first rolled out in the United Kingdom.
According to the Coinbase's official website, Coinbase Card now supports a total of 10 cryptocurrencies including Bitcoin, Ether, Litecoin, Bitcoin Cash, XRP, Basic Attention Token, Augur, 0x, Stellar Lumens, and Dai.Dai is different from major U.S. dollar-pegged stablecoins. DAI is one of many stablecoin projects pegged to the U.S.
dollar alongside controversial project Tether, Gemini Dollar and USD Coin. DAI is different from a typical currency-backed stablecoin because it is not supported by bank accounts of reserve currencies but rather is generated by putting Ether into a CDP smart contract, as previously reported.
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