Freewallet has added the DAI ERC20 stablecoin to its list of available cryptocurrencies. Starting today, Crypto Wallet on iOS, Android, and the web supports all operations with DAI coin.
As a medium of exchange, stablecoins provide the same advantages as other cryptocurrencies, such as transparency, smart contract benefits, and security. At the same time, volatility does not affect DAI, making it viable for standard financial operations, long-term contracts, international trade, and accounting.
Alvin Hagg, co-founder of Freewallet, commented:
“DAI is the second stablecoin after Tether to make it onto Freewallet’s list. Stablecoins are very important to the cryptocurrency market. Many regular financial operations require liquid and stable assets. The challenge is to keep the market price of assets pegged to various fiat currencies. While Tether is backed by dollars in audited bank reserves, the DAI price is stabilized through an autonomous system of smart contracts, which respond to varying market dynamics.”
Freewallet is a digital currency wallet with built-in exchange for the web, iOS and Android devices. It features more than 25 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, and Bytecoin. Over 3 million users worldwide have accounts with Freewallet, which recently became the third most popular cryptocurrency wallet for Android.
MakerDAO is a decentralized and autonomous organization that issues DAI, the world’s first decentralized stablecoin on the Ethereum blockchain. DAI eliminates volatility through an autonomous system of smart contracts, specifically designed to respond to market dynamics. Pegged to the US dollar, DAI was launched in 2017 and today its capitalization is valued at more than 55 million dollars.