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Starting today, Coinbase supports Dai (DAI) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store DAI.
DAI will be available for customers in most jurisdictions, but will not initially be available for residents of the state of New York.
According to the DAI whitepaper, DAI is a decentralized stablecoin running on Ethereum that was designed with a goal of maintaining a target value of approximately US$1.00. Unlike most centralized stablecoins, DAI isn’t backed by US dollars in a bank account. Instead, it’s backed by collateral on the Maker (MKR) platform. The relevant whitepapers explain that MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a decentralized, collateral-backed stablecoin.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the announcement of our listing process last year, we anticipate listing more assets over time that meet our standards. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see DAI here), as well as a new section of the Coinbase website to answer common questions about crypto.
You can sign up for a Coinbase account here to buy, sell or convert DAI today.