Wyre And MakerDAO Partner To Offer Dai Stablecoin And Fiat Trading Pairs
On August 14, 2018 MakerDAO, the Dai creator, considered to be the very first decentralized stablecoin based on the Ethereum Blockchain, announced that the Dai platform has been made available to trade with fiat pairs on Wyre.
It will allow for much faster and even compliant conversions of the fiat currencies. Wyre has been designed to be the leading money transfer company that has been operating on a regulated global payment infrastructure.
Wyre has been specializing in infrastructure that is able to bridge the current gap that exists between the traditional banking and the digital assets in the market. The MakerDAO has been designed to provide various users with a stable and even secure platform that can be used on the blockchain technology; all this is thanks to the Dial Credit System.
Dai, Wyre, And MakerDAO Will Offer Considerable Benefits To The Market
When both Wyre and MakerDAO work together, this will allow the various organizations to move the fiat currency directly into and also out of the Dai platform. With this in place, it will be able to remove any exposure to the current unpredictability and also the various speculative currencies in the market; this is the likes of Bitcoin or Ethereum. All this will be happening while still benefiting from the transparency, speed and also security the blockchain technology is able to offer.
When Wyre and Dai's trading engine is paired the global fiat on the off and on ramps will allow for instant movement of users funds across various borders. This is all thanks to the system’s ability to reduce the amount of time that it takes for a payment to clear. Thus, business will be in a better position to increase the number of payment cycles they do as a return increase their overall revenue.
But this is not all as the remittance platforms together with the numerous crypto services will be able to settle instantly with the use of the Dai platform. Rather than using the international wires that will take around 48 hours just to clear.
For the organizations that are looking to take advantage of the Dai platform, Wyre is ready to offer an elegant API that can be used to connect to the bank accounts and straight to the blockchain which will be done through the Dai platform. All this will be done while still taking care of the AML/KYC onboarding and even compliance issues that should be adhered to.
The platforms have been designed to ensure organizations are able to access the Dai trading pairs platform programmatically against the significant cryptocurrencies and fiat currencies.
A Little About Wyre
The company was established to utilize the blockchain technology in order to efficiently execute the cross-border payments for both individuals and business in the market. It has been designed to be a much faster and also cheaper method than the traditional banks.
The company was founded back in 2013 as among the original infrastructure of the 1.0 crypto companies, and since then it has been able to trade about $3.5 billion in crypto assets all done in-house. And they have also been able to complete more than $750 million in bank to bank commercial FX payments.
A little About MakerDAO
The company was designed as a decentralized organization that has been dedicated to bringing on stability within the cryptocurrency economy. The company has been issuing the very first decentralized stable coin that is on the Ethereum Blockchain, Dai.
The currency is able to eliminate the current volatility thanks to an autonomous system the company designed, a system that offers smart contracts to users and one that has been specially designed to respond to the dynamics taking place in the market. Dai was launched in 2017, and since then it has been able to successfully maintain a soft peg to the current US dollar, a coin that is going places.