The stablecoins are a new global trend, since they guarantee the stability of their price, considerably reducing the relative volatility of other cryptocurrencies by tying it to a fiduciary asset (in this case, the US dollar).
Unlike other stablecoins, such as Tether (USDT), Dai’s stability is not mediated by the banking system or financial counterparts, but operates entirely on blockchain. MakerDAO (the organization behind Dai) keeps the ratio 1 DAI = 1 USD stable using a collateral algorithm based on intelligent contracts.
Ripio was born in 2013 as the first bitcoin payment processor in the region, and in 2016 it was the first to grant credits to its users. Last year – through its RCN protocol – it launched an international loan network, and this year it was the first digital wallet in the country to integrate Ethereum technology. Today, it is the largest crypto company in Argentina, with 250,000 users in the country, Brazil and Mexico (and in full expansion towards Chile, Colombia and Peru).
Sebastián Serrano, CEO and co-founder of Ripio, said the addition of Dai “is a big step towards our fundamental objective: to offer financial solutions for all segments of the population using technology as an innovation engine. Alternative investment practices, such as the possibility of buying this stablecoin with pesos, are key to achieving this. ”
“Dai exists to create fairer and more balanced economic conditions for all, through a decentralized stablecoin backed by collateral,” said Rune Christensen, co-founder and CEO of MakerDAO. “At MakerDAO we are very excited to have an alliance with Ripio to make Dai more accessible to people and companies in Argentina.”
MakerDAO is a decentralized organization dedicated to bringing stability to the crypto economy. MakerDAO issues Dai, the first decentralized stablecoin in the Ethereum blockchain. Dai eliminates volatility through an autonomous system of intelligent contracts, specifically designed to respond to market dynamics. Launched in 2017, Dai has successfully maintained the soft-peg to the US dollar. With presence in several cryptocurrency exchanges, multiple alliances with global supply companies and agreements with NGOs, MakerDAO is unlocking the power of blockchain to realize the promise of economic empowerment.
This story was originally published in Spanish at Cripto247