The well-known cryptocurrency exchange Huobi recently announced its support for MakerDAO's token - DAI, as well as decentralized applications (DApps). With the DeFi ecosystem becoming increasingly sophisticated, we are witnessing the arrival of a new type of economy.
Table of Contents
According to a report, Huobi revealed on 8/19 that their wallet will support tokens such as DAI stablecoin, MKR token, and CPD Portal applications.
MakerDAO is primarily a decentralized autonomous organization (DAO), which can be thought of as a decentralized company managed entirely by smart contracts and code, rather than humans. Users can operate the DAO through a consensus voting mechanism that can be used to make changes to it.
In addition, the Huobi team will also include Compound in the list of supported tokens. Compound is a decentralized P2P platform that uses DAI for lending. Huobi Global CEO Livio Weng commented on the new wallet content:
"We believe that blockchain technology not only has tremendous potential in the cryptocurrency space but also can provide better overall financial services and products to the public. This includes new additions like Compound and MakerDAO, which align with our vision, and we are very willing to support them in our wallet."
According to a report, a London-based banking company called Monolith has partnered with MakerDAO. They offer a Visa debit card that now supports MakerDAO's cryptocurrencies, allowing users to make payments using DAI. Additionally, the card can be used to pay bills and send and receive funds using DAI.
MakerDAO CEO Rune Christensen mentioned how this partnership allows DAI holders to use their assets for retail, stating:
"Monolith's solution provides token holders with a powerful way to expand the utility of all cryptocurrencies. Their card creates a vital bridge from the DeFi world to the traditional retail world."
- - -
**Further Reading**
- Samsung Galaxy S10 and Note10 to Add Bitcoin Support
- Strategic investors of Contentos, a content public chain, jointly announce the maintenance of lockups to aid ecosystem development
Join now to get the most comprehensive information on financial technology, blockchain insights, and industry examples!
[Click here to join](https://line.me/R/ti/p/@ace.exchange)
