Coinut, a Singapore-based cryptocurrency exchange, announced today it has added support for DAI-SGD. The exchange allows deposits in SGD, USD, and CAD, and trading of BTC, ETH, LTC, ETC, XMR, ZEC, USDT.
DAI is the popular ERC-20 stablecoin pegged to the value of USD at a 1:1 ratio. The stablecoin was created by MakerDAO (MKR). It is backed by a surplus of collateral that has been individually escrowed into audited and publicly viewable Ethereum smart contracts.
Founded in 2013, by one of the core developers of Litecoin, Coinut is one of the earliest cryptocurrency exchanges headquartered in Singapore. The team was backed by Boost VC from Silicon Valley & NUS Enterprise from Singapore.