Cloudbet, the famous Bitcoin-friendly online casino, has just announced that from now on users will also be able to place bets using the DAI stablecoin.
— Cloudbet (@Cloudbet) November 24, 2020
Cloudbet as a Bitcoin-friendly casino
This platform, online since 2013, allows betting on different sports, but also to use Bitcoin and other cryptocurrencies in its casinos.
Recently, Cloudbet also introduced the possibility of betting on various e-sports tournaments in which it is possible to participate.
CloudBet allows using different assets to bet on various events, for example, there is Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Paxos Gold (PAXG), USDT (Tether), USD Coin (USDC), and now also DAI.
This Bitcoin-friendly casino also recently added a token pegged to gold, Paxos Gold (PAXG) for betting on sporting and non-sporting events, something that wasn’t even imaginable before.
Perhaps in the near future Tether Gold (XAUT) will also be added, as it is now the gold-pegged stablecoin with the highest volume.
How does the DAI stablecoin work
CloudBet has now decided to add a decentralized stablecoin, seeing that in order to obtain DAI it is necessary to lock funds within the Maker DAO protocol.
There are several tokens available to be used as collateral to obtain this stablecoin: ETH, BAT, USDC, wBTC, KNC, ZRX, MANA and others, demonstrating that it is not only a decentralized stablecoin, but also very active and dynamic.
Needless to say, since it is a stablecoin, users can use it with no risk of it being subject to the volatility typical of the crypto market. In fact, if a different asset, such as Bitcoin, were to be used, there would be a risk of spending a fortune if the price of the asset went up.
Surely using such an asset is therefore advantageous for the user since it is much cheaper and faster to make bets, deposits and withdrawals in the platform.