Fast, secure and compliant bridge converts fiat currencies directly to the Dai stablecoin
SAN FRANCISCO — August 14, 2018 — MakerDAO, the creator of Dai, the world’s first decentralized stablecoin based on the Ethereum blockchain, and Wyre, the leading blockchain money transfer company operating a regulated global payment infrastructure, today announced the availability of Dai as a trading pair, allowing for fast and compliant conversion of fiat currencies to Dai.
Wyre specializes in infrastructure to bridge the gap between traditional banking and digital assets. MakerDAO provides stability and security on the blockchain with the Dai Credit System. Working together, MakerDAO and Wyre allow organizations to compliantly move fiat currency directly into and out of Dai, removing exposure to the unpredictability of speculative cryptocurrencies like Ethereum or Bitcoin while benefittng from the speed, transparency and security of the blockchain.
Pairing Dai to Wyre’s trading engine and global fiat on-ramps and off-ramps will enable nearly-instant movement of funds across borders. By decreasing the amount of time it takes to clear payments, businesses can increase the number of payment cycles, therefore increasing revenue. Remittance platforms or crypto services can also settle instantly in Dai rather than using international wires which can take up to 48 hours.
For organizations looking to use Dai, Wyre offers an elegant API to connect bank accounts to the blockchain through Dai, while taking care of AML/KYC onboarding and compliance issues. Organizations can programmatically access Dai trading pairs against major fiat currencies (USD, EUR, AUD, GBP, CAD, HKD, CNY) as well as major cryptocurrencies (BTC and ETH). On-ramps and off-ramps for local settlements are currently available in 30+ countries to API partners. More information available at: www.sendwyre.com
“As part of our mission to level the economic playing field, we’re thrilled to work with Wyre to offer developers a way to build seamless connections to and from a world of fiat currencies and Dai, giving organizations access to a truly decentralized and stable currency pegged to the US dollar,” said Rune Christensen, CEO of MakerDAO. “Expanding the Maker ecosystem, organizations can now benefit from the instant, secure and scalable power of blockchain without having to first buy/sell volatile crypto assets like Ethereum or Bitcoin.”
“We’re committed to developing partnerships with leaders like MakerDAO to enable the blockchain ecosystem to evolve at a faster pace,” said Michael Dunworth, CEO of Wyre.“With our API developers can leverage our experience in banking and compliance with the stability of Dai stablecoin to build and engage their communities, cutting through the red tape, and leaving the off-chain complications to a regulated money services business.”
Held on the blockchain, Dai achieves stability via an open smart contract platform that allows anyone in the world to lock up their assets as collateral and issue Dai against them. Unlike other stablecoins there is no need to blindly trust a third party. When users want to retrieve their collateral, they simply return the Dai they issued plus a fee based on how long it was outstanding. True to the spirit of the blockchain, no one can alter these core mechanics of Dai, making it a safe and predictable form of money. Launched in 2017, Dai has successfully maintained a soft peg to the US dollar.
Wyre utilizes blockchain technology to execute cross-border payments for businesses and individuals faster and cheaper than banks. Founded in 2013 as one of the original Infrastructure 1.0 crypto companies, Wyre has traded $3.5 billion in cryptocurrency assets in-house and have completed more than $750 million in bank-to-bank commercial FX payments. Wyre has expanded its intricate global infrastructure to include relationships with counterparties to procure not only same-day settlement but deep liquidity and best pricing & execution. Wyre is also one of the few licensed money transmitters in the crypto space and is proactively compliant with regulations. For more information, please visit www.sendwyre.com.
MakerDAO is a decentralized organization dedicated to bringing stability to the crypto economy. MakerDAO issues Dai, the world’s first decentralized stablecoin on the Ethereum blockchain. Dai eliminates volatility through an autonomous system of smart contracts, specifically designed to respond to market dynamics. Launched in 2017, Dai has successfully maintained a soft peg to the US dollar. With a presence on numerous cryptocurrency exchanges, multiple partnerships with global supply chain companies, and agreements with organizations serving non-government agencies, MakerDAO is unlocking the power of the blockchain to deliver on the promise of economic empowerment today. Visit www.makerdao.com.
Related: The MakerDAO-bZx Partnership and How It Could Strengthen the Crypto Ecosystem
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