Coinsource Bitcoin ATM’s Roll Out Maker’s Dai Stablecoin Support for Remittance Payments
- Coinsource will be adding support to Dai in its more than ATMs
- Dai is one of the most popular stablecoins in the market
The Texas-based Bitcoin ATM operator Coinsource informed that it has signed a new partnership with the Maker Foundation in order to support the Dai stablecoin on its machines. DAi is one of the most popular stablecoins in the market after Tether (USDT), and others. Using Dai, users could hedge against volatility in the market.
Coinsource Adds Dai Support
The number of Bitcoin ATMs around the world continues to expand around the world and in the United States. These machines are helping users have access to digital currencies in a fast and easy way. At the moment, the United States has installed more than 3,200 ATMs according to CoinATMRadar.
Coinsource is currently operating more than 200 of these machines in the country in more thant two-dozen states and Washington D.C. These machines are expected to be able to transact Dai on Ethereum (ETH) allowing users to buy, sell or hold this stablecoin.
At the same time, Coinsource wants to launch a new remittance service in the future in the United States. Although the US dollar fluctuates, Bitcoin (BTC) and other virtual currencies have larger price swings than fiat currencies.
The Chief Product Officer of Coinsource, Travis Gough, commented during a conversation with Reuters:
“In remittances, people want to save as much value and they don’t want to be subjected to high volatility that you’re seeing in bitcoin and other cryptocurrencies that can be very speculative.”
Users have to complete know-your-customers (KYC) procedures before being able to use the Coinsource ATMs to send DAI between wallets. Users can also access the funds at any Coinsource machine available.
Sheffield Clark, the CEO of Coinsource, said that by offering support for Dai, users without access to financial services would now be able to make financial transactions and enter the crypto market.
MakerDAO Allows users to lock up their Ether coins as collateral using a smart contract in exchange for Dai. At the moment, around $340 million worth of ETH are locked up in DAO’s decentralized finance application (DeFi). This represents around 2% of the total ETH in the market.