Coinsource, a bitcoin ATM operator, with over 230 machines in 29 US states and the District of Columbia, today announced it has partnered with the Maker Foundation to offer consumers easy access to Maker’s decentralized stablecoin, Dai.
With the new Dai integration, Coinsource will enable customers to use its machines and Dai to send cash from wallet to wallet. Users will be able to top up a wallet and send value to recipient parties upon fulfilling the necessary KYC requirements. Recipients will then be able to instantly redeem their transactions at any Coinsource machine or supported location.
With roughly 2% (over $340 million) of all Ethereum locked in their smart contract, MakerDAO is the most popular decentralized finance (DeFi) application on the market.
MakerDAO lets users lock up ether (ETH) as collateral via a smart contract in exchange for Dai. Through a mix of underlying crypto-assets, Collateralized Debt Positions, and automated stability mechanisms, Dai keeps its 1:1 USD soft peg without sacrificing its decentralization.
“Coinsource provides an important crypto onramp for people previously sidelined by the modern global financial infrastructure. Maker aims to level the economic playing field for everybody, so it’s critical for us to partner with organizations that offer access to financial alternatives that are as decentralized, permissionless, and as empowering as possible.”
– Steven Becker, President and COO of the Maker Foundation