KeepKey Incorporates Support For MakerDAO

KeepKey Incorporates Support For MakerDAO

The cryptocurrency hardware wallet, Keepkey will now offer support for the Ethereum-based MakerDAO following an upgrade to their systems.

MakerDAO, an organisation which focuses to bring stability for the blockchain via its stablecoin, has been included on the service thanks to the implementation of Keepkey’s latest firmware version, v6.2.0.

As well as allowing for the Ethereum-backed decentralized system’s coin, Maker and DAO, to be stored on KeepKey, the possibility to trade the two will be available on the built-in Shapeshift exchange platform too.

The option for DeFi, or decentralized finance, that MakerDAO offer has been described by the KeepKey as “one of most groundbreaking innovations in blockchain technology since Bitcoin.” This is thanks to the operability as DAI loans, known as Collateralized Debt Positions, taken out in ETH and stored securely in a smart contract.

The fact that MakerDAO is now available on KeepKey means making and managing these contracts more manageable than ever before. With KeepKey offering of these services making it a very unique way, what they describe as a “clear text without having to manually parse contract data”. Something not been seen before by a crypto hardware wallet.

KeepKey has listed a 7-step guide to getting started using MakerDAO:

  1. Update your firmware.
  2. Close the KeepKey Client.
  3. Visit myetherwallet.com.
  4. Choose Access My Wallet → Hardware Wallet → KeepKey.
  5. Search for MakerDAO under the Dapps menu.
  6. Choose what you would like to do, for example, depositing and withdrawing ETH collateral or generating and paying back DAI.
  7. Sign the contract action on your KeepKey.

The inclusion of MakerDAO will be the precursor to numerous other updates coming soon. Most notably, the launch of a client version of their service being launched soon.

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