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Coinbase Card Rolls out DAI as First Supported Stablecoin: Official


Coinbase Card, a crypto-powered Visa debit card from major crypto exchange Coinbase, now supports Dai (DAI), a stablecoin pegged to the United States dollar.

According to a blog post on Dec. 6, Dai is the first stablecoin that is available on Coinbase Card, alongside major cryptocurrencies such as Bitcoin (BTC) and Litecoin (LTC).

As 1 DAI is equivalent to $1, the addition of the stablecoin to the Coinbase Card aims to allow customers to spend crypto with less volatility, the announcement says.

Cointelegraph has requested comment from Coinbase’s team on why the company has decided to choose DAI rather than one of multitudes of U.S. dollar-pegged stablecoins. Coinbase has not responded as of press time. This article will be updated upon receipt of their commentary.

More than one new asset to spend

However, the addition of DAI is not just one more asset to spend but a tool intent on boosting global adoption of alternative payment methods, according to Coinbase’s head of growth marketing, JD Millwood. He wrote:

“It represents a small step on our big journey to make crypto accessible to all, through alternative payment options that suit our diverse customer base.”

Coinbase Card now supports a total of 10 cryptocurrencies

Launched in April 2019, Coinbase Card is a Visa debit card that allows users to spend cryptocurrencies to pay for goods as well as to withdraw cash from ATMs. Instantly converting customers’ crypto into fiat currency, the card was first rolled out in the United Kingdom. In June, the card was launched in six European countries including Spain, Germany, France, Italy, Ireland and the Netherlands.

According to the Coinbase’s official website, Coinbase Card now supports a total of 10 cryptocurrencies including Bitcoin, Ether (ETH), Litecoin, Bitcoin Cash (BCH), XRP, Basic Attention Token (BAT), Augur (REP), 0x (ZRX), Stellar Lumens (XLM), and Dai.

Dai is different from major U.S. dollar-pegged stablecoins

Meanwhile, DAI is one of many stablecoin projects pegged to the U.S. dollar alongside controversial project Tether (USDT), Gemini Dollar (GUSD) and USD Coin (USDC).

However, DAI is different from a typical currency-backed stablecoin because it is not supported by bank accounts of reserve currencies but rather is generated by putting Ether into a CDP smart contract, as previously reported.





Source Cointelegraph

UNICEF Launches Cryptocurrency Fund Supported by Ethereum Foundation


UNICEF, the United Nations Children’s Fund, has launched a cryptocurrency fund to support open source technology “benefiting children and young people around the world.”

According to the official announcement published on Oct. 8, UNICEF thus became the first U.N. organization “to hold and make transactions in cryptocurrency,” namely Bitcoin (BTC) and Ether (ETH). UNICEF executive director Henrietta Fore added:

“This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

Ethereum platform can “better countless lives”

Per the announcement, the Ethereum Foundation, a Swiss nonprofit organization, became the first contributor to the new cryptocurrency fund. Aya Miyaguchi, executive director of the Foundation, reportedly said that 100 Ethers — roughly $18,000 at press time — were already sent to the UNICEF via the new partnership.

These funds “will benefit three grantees of the UNICEF Innovation Fund” and “a project coordinated by the GIGA initiative to connect schools across the world to the internet,” according to the announcement. Miyaguchi added:

“We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come.”

As Cointelegraph reported on Dec. 10, 2018, the UNICEF Innovation Fund invested $100,000 in six companies for developing blockchain projects.

In February, Ethereum hardware hackathon ETHDenver partnered with UNICEF on a blockchain bounty token system.





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