Ethereum-based DAI Stablecoin Added to Coinbase Earn

UTC by Darya Rudz · 3 min read
Ethereum-based DAI Stablecoin Added to Coinbase Earn
Photo: Coinbase / Twitter

Coinbase Earn announced support for DAI – the first stablecoin added to the exchange’s educational program.

San Francisco-based digital exchange Coinbase has surprised its customers with a new announcement: starting from today, they can earn DAI stablecoins by watching lessons and completing quizzes about DAI and its features.

As the company’s blog post reads, DAI is the first Ethereum-based stablecoin backed by Coinbase Earn, the platform that lets users earn cryptocurrencies while learning about them in a simple and engaging way. To earn DAI, customers have to participate in three lessons and learn what DAI is, what it can be used for, and how the Maker (MKR) protocol and economy ensures that the stablecoin is always valued at around $1. Each lesson consists of a video and short quizzes and rewards users two DAI.

What is DAI

DAI is a decentralized Ethereum-based stablecoin which value is stable and is maintained at the level of approximately $1 USD. According to the DAI whitepaper, the coin is backed by its sister token Maker (MKR). Ethereum-based Maker platform backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivized external actors.

Due to Maker, anyone can leverage their Ethereum assets to generate DAI. When gained, DAI can be used in the same ways as any other digital currency. Users can send it to each other, make payments for goods and services in DAI, as well as save it for long term. It is notable that DAI generation creates the components needed for a robust decentralized lending platform.

DAI was first added to Coinbase exchange on May 23. Then, Coinbase said that it would be available in most jurisdictions with the exception of New York.

Coinbase Expansion

Earlier, Coinbase announced the listing of EOS, which is now available for customers in most jurisdictions, except the United Kingdom and the state of New York. However, these jurisdictions may be added later. Moreover, EOS is also available for generation on Coinbase Earn. By watching videos and improving crypto mining skills on the platform, users can earn up to $10 in cryptocurrency.

The exchange has also added support for the US dollar-backed stablecoin USD Coin (USDC), and companies are now able to accept payments online in the same way they accept cash in-store. Also, Coinbase Custody announced that they will be supporting Blockchain Capital (BCAP) deposits and withdrawals.

As we see, Coinbase is strengthening their positions as one of the largest and most profitable companies in the crypto environment. As Coinbase provides the easiest ways to purchase cryptocurrencies and constantly working on improving its services, it is safe to say that Coinbase is actively encouraging mass-adoption.

Altcoin News, Cryptocurrency News, News
Related Articles