Coinsource, with their over 230 Bitcoin ATMs installed, has announced its partnership with Maker Foundation to offer users the decentralised DAI stablecoin, allowing users to send DAI directly from wallet to wallet. In addition, it will be possible to add a wallet and send the stablecoin to a “recipient party” – after filling out the KYC (Know Your Customer). The recipient can then redeem the transaction immediately from any ATM.
The Maker Foundation has over $340 million in Ethereum frozen on a smart contract as it allows users to block ETH in exchange for the DAI stablecoin and, through an underlying mix of Collateralized Debt Positions, to maintain a soft peg with a 1-to-1 ratio to the US dollar, making it, in fact, the most popular Decentralized Finance (DeFi) application on the market.
This presents itself as an opportunity to eliminate any kind of barriers that there are between the user and the crypto, as stated by the same COO of Maker Foundation, Steven Becker:
“Coinsource provides an important crypto onramp for people previously sidelined by the modern global financial infrastructure. Maker aims to level the economic playing field for everybody, so it’s critical for us to partner with organizations that offer access to financial alternatives that are as decentralized, permissionless and as empowering as possible”.
The service is currently only available in the United States, but it may encourage other operators in the industry to consider such an idea and also introduce stablecoins on Bitcoin ATMs around the world.