Huobi, a major cryptocurrency exchange, just added additional support for the MakerDAO tokens and for its wallet and decentralized apps, or DApps.
Huobi Group made this announcement on August 19th. MakerDAO has applications such as CPD Portal, MKR tokens, and Dai stablecoins. Maker is a combination of its community governance, collateral loans, and its stablecoin.
MakerDAO is a DAO, or decentralized autonomous organization, that is managed by code and smart contracts instead of humans. DAOs are operated by users through a consensus voting machine that can make changes to its management. dOrg LLC, another DAO, reportedly obtained legal status in June, the first to do so.
The Huobi Group has also been including wallet support called Compound, which is an autonomous protocol for finance DApps. Huobi Wallet will support its DApp and its tokens, both of which can be used for crypto lending.
The CEO of Huobi Global, Livio Weng, is impressed with the new wallet additions. He believes that this new blockchain technology has the potential to provide better overall products and financial services to the public and improved cryptocurrency. MakerDAO and Compound share his company’s vision and he’s happy to give them any extra support they need.
MakerDAO’s Retail Inroads
Recent reports have indicated that Monolith, a London-based banking organization, has partnered with MakerDAO. Monolith currently provides Visa debit cards. These cards support MakerDAO’s cryptocurrency which can be used to pay for goods. The debit cards can also be used to receive and send money via Dai and pay bills.
Rune Christensen, CEO of MakerDAO, explains how their new partnership allows Dai holders to use their crypto for retail. Through the company’s partnership with Monolith, token holders can extend their cryptocurrency’s usefulness. The cards create an important bridge from the DeFi world to the traditional retail world, which is not only good for MakerDAO but for the everyday consumer as well.