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

Bitcoin,CoinMarketCap,Ethereum

Cryptocurrency Market Cap Jumps Past $2 Trillion

Cryptocurrencies continue to make headline news around the world as the total market cap surpassed $2 trillion on Monday. Supported by increased interest from institutional investors, celebrities, and retail investors, digital coins are now worth more than Apple Inc. Bitcoin has, once again, played a major role in the sector’s market cap. The world’s first […]

6 April, 2021
Digital Currency,Ethereum,Stablecoin

VISA Set To Support Cryptocurrency Settlements

The global payments corporation, VISA, announced on Monday that it is making preparations to allow USD Coin (USDC) to settle transactions within its network. This move is being viewed by industry analysts as yet another clear sign that cryptocurrencies are being accepted by major institutions within the traditional financial industry. USDC was selected by VISA […]

30 March, 2021
Casino,Ethereum,Gambling

CasinoFair Temporarily Shuts Down Amid Network Congestion

The popular cryptocurrency casino, CasinoFair, has announced in a recent blog post that it will be temporarily stopping its gaming services. Citing unsustainable congestion on the Ethereum network as the main reason for this pause, the casino reassured its players that it is “actively researching solutions and hope to be back with a new range […]

26 March, 2021
Bitcoin,Coinbase,CoinMarketCap

Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021
Cybercrime,Scam,Trezor

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021
Bitcoin,eToro,Trading

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021
Bitcoin,Investment,Trading

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021
Sponsored

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020