The addition of Dai stablecoin on Coinbase exchange is another milestone the latter is making in its bid to provide more to customers. However, while Dai stablecoin is now available to retail customers, those in New York will have to wait a bit longer.
With the listing gone live, Coinbase customers can now buy, sell, send, receive, convert, and store the stablecoin in their Coinbase accounts. Furthermore, they can access the Dai coin via their iOS or Android apps alongside the exchange itself.
Addition of Dai on Coinbase was received well by the crypto community with many taking to social media platform Reddit to express their optimism. Per the stabelcoin whitepaper, Dai is a decentralized stabelcoin whose primary goal is to maintain its price approximately at US$1.00. At the moment the coin trading at 1 DAI/USD 0.999 and has a market cap of $81.57 million.
More about Dai
First and foremost, Dai is a decentralized stablecoin, which is a product on the Ethereum ecosystem, and it is not backed to US dollars. Another aspect that sets it at par with other centralized stabelcoins is DAI and MKR are two tokens that make a pair. The latter handles governance while the former takes the responsibility of being a stablecoin. Being the governance token grants token holders voting rights which come into play during decision making. Since the stabelcoin isn’t backed to US dollars, it is backed by collateral. The two tokens form the basis of the MakerDao ecosystem.
Apart from just adding more coins and stablecoins for trading, Coinbase exchange has also added more features on its website. Among the newest features is the dedicated section for responding to questions from customers together with an informational asset page whose primary goal is to help users understand more about the assets listed on its website. The latter already has Dai stablecoin data uploaded. To learn more about Dai, please find your way to Coinbase informational asset page.