HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Dai Sees Trading Volume in Latin America Quadruple During Pandemic

Crypto 2020/05/22 16:44 by Priyeshu Garg
The economic crisis in Latin America, exacerbated by the COVID-19 pandemic, has caused interest in Dai to skyrocket in the past couple of months. According to a report from local news outlet iProUP, the trading volume of MakerDAO’s stablecoins quadrupled during quarantine in Argentina from $5 million to $20 million daily. Latin America Flocks to the Safety of Dollar-Pegged Stablecoins Hit with sovereign debt and hyperinflation, countries in Latin America have entered the COVID-19 pandemic already struggling economically. One of the ways that the struggling countries have been dealing with the crisis has been through the adoption of cryptocurrencies, which many believe are their ticket out of currency devaluation. According to a report from Argentinian tech news outlet iProUP, many residents of the region have found solace in the “digital dollar”—the Dai stablecoin. MakerDAO said that Dai momentum has been steadily building in Argentina for quite a while, but exploded once the country was hit with the COVID-19 outbreak. An unnamed cryptocurrency exchange told iProUP that interest in Dai quadrupled after quarantine was introduced in Argentina—trading volume surged from $5 million per day to a whopping $20 million per day. “At the beginning of 2020, only one exchange in the region offered Dai; today, there are six,” MakerDAO said.  MakerDAO Says Dai Has Gained Incredible Traction Given that Dai was “barely known” in the region two years ago, MakerDAO, the company behind the dollar-pegged stablecoin, said that this was an incredible achievement. “Many Latin Americans want dollars because they don’t trust the local currency,” said Nadia Alvarez, MakerDAO’s business development associate for the Latin American region.  She explained that at the time, Latin America was only interested in Bitcoin, which made it difficult to attract people to Dai. However, due to the mainstream appeal of cryptocurrencies, especially when it comes to surviving hyperinflation, other coins such as the dollar-pegged Dai were quickly adopted.  Crypto exchanges and fiat on/off ramps, such as Bitso and Buenbit (Argentina’s leading Dai exchange), are growing in popularity throughout Latin America, as are mobile wallet apps such as Argent, MakerDAO said. Dai has also become a popular store of value in Argentina, with people converting Dai back to their local currency as they need it.  Featured image from Shutterstock.

0 Like(s)



You should also read...

Altcoins 30/04/20 19:14 by Mr Oak
Shining light on Chainlink, the token with a 200% growth so far this year
Chainlink has had a good year so far. The digital coin’s performance this year has been so immense that, many crypto experts have called it one of the most profitable assets in the cryptocurrency m...
Read More
Bitcoin 04/06/20 19:00 by Tony Spilotro
Surprising Positive Earnings Growth in Asia May Spark New Appetite For Bitcoin
UBS analysts expect Asia to be the only region that sees positive growth this year, and the return to strong earnings in the region could spark a renewed appetite for risk, and potentially, Bitcoin. U...
Read More
Altcoins 07/10/20 14:23 by Olivia Brooke
MakerDAO now generating $27 million in annualized earnings from token holders
Many DeFi protocols are promising substantial returns for active token holders, hence the influx of both institutional and non-institutional investors in the DeFi community. Meanwhile, MakerDAO is st...
Read More
Crypto 12/04/21 14:36 by NewsBTC
CoinZoom Disrupts the Remittance Landscape With 0% Commission And Cryptocurrencies
Remittances are an essential way of supporting domestic economies in regions where financial hardship remains relatively common. Several regions worldwide rely on these money transfers, yet the COVID-...
Read More
Crypto 07/07/21 10:54 by BitcoinPrbuzz
1xBit Introduces DAI Stablecoin as a New Gaming Currency
7th July 2021, Limassol, Cyprus — Online crypto gambling site, 1xBit.com, has announced the introduction of DAI token as one of its betting currency options. This provides punters who love anonymou...
Read More