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Coinbase Supports DAI on Exchange, Mobile Apps

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Coinbase announced via Medium that it has begun supporting DAI, an Ethereum-based decentralized stablecoin, on its exchange and Android and iOS applications.

The U.S.-based cryptocurrency exchange noted that its users are now allowed to buy, sell, convert, send, receive, or store DAI, which is supported by collaterals that can be viewed on the Maker (MKR) platform.

MakerDAO created DAI to maintain a value relative to the U.S. dollar through a system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.

According to its whitepaper, users can purchase DAI from brokers or exchanges, as well as take advantage of a special mechanic called the Dai Savings Rate to earn a steady, low-risk return on their holdings.