MakerDAO, the issuer of Dai, the first and largest stablecoin on the Ethereum blockchain, has announced that following last month’s official launch of the National Relayer Campaign in Korea, the MakerDAO Korean community has worked closely with its partners including VANTA, a decentralized network for real-time, secure, and private connectivity – to drive the adoption of Dai.
Now, its latest initiative involves partnering with VANTA and HYCON (Glosfer), a leading blockchain technology and services company in South Korea, to collaborate on government projects for switching South Korean cities’ local currencies into cryptocurrencies.
Several Korean cities have their own local currencies to boost their local economies and preserve local capital. However, cryptocurrency’s advantages such as transparency and security are encouraging some cities to switch their local currencies into cryptocurrencies.
Glosfer recently collaborated with a local South Korean government to create Nowon Coin, which was the first local cryptocurrency in the world.
Further, VANTA Network is supporting more use cases for such local cryptocurrencies…
VANTA Network will provide API support, which will be used by small business owners and enterprises to easily connect with their local community. Using VANTA’s API will create opportunities for marketing, and a portal for sending/receiving data while drastically reducing service fees.
MakerDAO plays an important role as service providers like VANTA can swap received local cryptocurrencies with MakerDAO’s stablecoin Dai. Therefore, service providers can reduce risk from large volatility in price. In addition, Dai’s global presence and usage help the service providers to turn Dai into cash or other use cases more easily.