Wyre + MakerDAO Offers First Compliant Fiat On/Off Ramp for DAI
We’re very excited to announce that DAI is available for storing / converting as a currency pair in our core API. We’re actively reaching out to our partners to help educate them, and show them just how advantageous this is.
DAI is a token that is based on the Ethereum protocol, and allows people on the network to post up some ETH, and in return they’re given a decentralized stablecoin (a cryptocurrency with decreased volatility by orders of magnitude, USD pegged).
The MakerDAO team have done some incredibly impressive work, and it’s arguably the most ambitious project outside of Bitcoin.
At Wyre, storing local currencies is an offering in our architecture, and DAI would be akin to that use case. While the soft peg to US Dollar is not an indefinite price lock, we believe that DAI is the most decentralized, and economically extensible system.
It’s exciting but we’re taking it in steps.
The first use case is to provide a simple on & off ramp from local currency into DAI for our API partners. Our job is to focus on that, working with the community to consistently absorb feedback, and iterate to constantly strive toward the broadest reach for accessibility, while creating the most frictionless user experience in the process.
DAI is currently available via Wyre API as follows:
- On-ramps from major fiat currencies (USD; AUD; GBP; EUR;)
- Off-ramps into major fiat currencies (USD; AUD; GBP; CAD; EUR; MXN; BRL)
- Convert with major cryptocurrencies (BTC; ETH)
Anticipated Rollout
We’re likely the more excited even than the biggest DAI supporters, and with that we know that we want this to be done carefully. Similar to the execution of the MakerDAO team, we carry a very methodical and patient approach to how we surface new product to our partners. Below is the plan for the coming months.
- API Partners — Full liquidity and accessibility with no code updates needed. Propagating DAI wallets into their platform right from first release (August 15th, 2018).
- Businesses — Wire transfers, minimum ~$1,500. Check dashboard for limit. (Businesses). Coverage: 🇺🇸🇪🇺🇬🇧
- Individuals and Businesses — Wire transfers, minimum ~$1,500. Check dashboard for limit.
- Individuals and Businesses — Wire transfers and ACH (or local equivalent) deposits/payouts. Coverage: 🇺🇸🇪🇺🇬🇧🇨🇦🇦🇺
- Individuals and Business — Wire transfers and ACH deposits/payouts and debit cards. Coverage 🇺🇸🇪🇺🇬🇧🇨🇦🇦🇺
Look out for a more detailed 30/60/90 day roadmap coming soon!
Thank you!
Jack Jia
Director of Institutional Sales
Read the full press release here:
PS — Tune in to Reddit on Thursday, 8/16 @ 10:30AM PST for MakerDAO’s CEO Rune Christensen + Wyre’s CEO Michael Dunworth live AMA.
