New came out on Monday - 19th August - that one of the biggest cryptocurrency exchanges in the world, Huobi has just added support for MakerDAO tokens and decentralised apps in its wallet.
MakerDAO has a stablecoin dubbed Dai, a token called MKR and applications including CPD Portal. The Maker project is a joint effort for its stablecoin, collateral loans and community governance.
MakerDAO is a type of decentralised autonomous organisation (DAO), which as reported by CoinTelegraph is:
“An organization that is managed solely by smart contracts and code, not human managers. A DAO is also operated by users via a consensus voting mechanism, which can be used to make changes in its management. Another DAO, dOrg LLC, purportedly became the first DAO to obtain legal status back in June.”
On top of this, Huobi Group is adding wallet support for an autonomous protocol for finance dApps called Compound. The Huobi wallet will be supporting both its tokens and its dApp (which is designed for crypto lending. Livio Weng, the CEO of Huobi Global, noted on Huobi’s new wallet inclusions, as he said:
“We think blockchain technology has great potential not just for cryptocurrency but also in providing better overall financial services and products to the public [...] Both Compound and MakerDAO share our vision and we’re happy to add support for them.”
Last week, MakerDAO teamed up with the London-based alternative bank, Monolith which provides a Visa debit card in supporting MakerDAO’s cryptocurrency, allowing the user to pay for goods in Dai. on top of this, the card could be used to make bill payments as well as sending and receiving money through Dai.
The CEO of MakerDAO, Rune Christensen talked about how this partnership lets holders of the dai token, use said asset for retail.
“Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings. [...] Their cards create a critical bridge from the world of DeFi to the more traditional world of retail.”