Dai Payments Supported By Coinbase Visa

Dai Payments Supported By Coinbase Visa

Dai, one of the world’s most significant stablecoins, has just taken a further step which could help it replace traditional fiat currency. According to a news release issued by the popular cryptocurrency exchange, Coinbase, the platform’s debit card will now be supporting Dai as payment currency.

Coinbase’s VISA debit card has only been launched in 2019, but has proven to be rather popular. Currently, it is only available to residents within the EU, including the UK. The card, which can be used online and in-store, already supports Bitcoin, Ether, Litecoin, XRP, Basic Attention Token, Augur, Stellar Lumens, and 0x currencies. Dai will represent the card’s 10th asset and first stablecoin.

Dai Payments

With the announcement of this new partnership, Coinbase Visa holders who live in Europe can start buying goods and services and paying for them with their Dai currency. In this way, the stablecoin will be one step closer to fulfilling its primary goal; to allow users to use stable cryptocurrencies as an alternative to traditional money.

With each Dai worth around $1 USD, using the currency will provide significantly less surprise or regret than using a volatile currency, such as Bitcoin or Ether. As a result of their high volatility, these cryptocurrencies have proven to be very attractive to day traders and investors, whereas coins such as Dai have been mostly overlooked by such individuals. This has helped their price remain stable, whilst other currencies skyrocketed or took a dive.

The move by Coinbase to adopt Dai within its supported currencies comes partly as a result of a rebranding exercise. In fact, the coin’s development team has been hard at work promoting the “dollar coin’s” image, which is easily relatable by those external to the crypto community.

Is Dai the Future of Cryptocurrencies?

It is hard to tell at this stage what effects, if any, Coinbase’s announcement will have on the use of crypto as the currency for online and in-store sales. However, Dai has a distinct advantage over the US dollar – it already exists within Blockchain technology.

Only recently, the U.S. Treasury Secretary, Steven Mnuchin had dispelled any rumours that the dollar was going digital. In fact, Mnuchin has confirmed that there are no plans to put the United States Dollar into the Blockchain in the short or medium terms. This means that users would have to turn to cryptocurrencies to purchase goods or services, such as decentralised applications and smart contracts, which only function in a distributed ledger.

While thousands of cryptocurrencies exist, Dai is considered to be a potential frontrunner, in part due to its stability, but also because of its close association with Ethereum. Moreover, it is easily accessible, available not only from Coinbase but from several other cryptocurrency exchanges and trading platforms.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021
CFD Trading Platform,eToro,Trading

eToro Lowers The FTD Minimum Across Several Countries

eToro, the social trading and multi-asset platform, has decided to lower the minimum first time deposit, or FTD. Until further updates, users who sign up today using the link below will be able to fund their trading account with as little as $50. This offer is only valid to users in selected countries. To participate […]

24 September, 2021

ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Meanwhile, we invite you to check out other Bitcoin casinos from our […]

12 August, 2021

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021