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Lock BTC, Get DAI: Lending Firm Br Oct 29, 2019 at 13:00 UTCю Lock BTC, Get DAI: Lending Firm Br

Lock BTC, Get DAI: Lending Firm Br Oct 29, 2019 at 13:00 UTCю Lock BTC, Get DAI: Lending Firm Br

Leigh Cuen

Lock BTC, Get DAI: Lending Firm Br

Canadian startup Ledn, that provides fiat that is bitcoin-backed, now offers dollar-pegged DAI loans, linking bitcoin users with ethereum’s decentralized finance (DeFi) ecosystem.

Ledn co-founder Mauricio Di Bartolomeo, A venezuelan expat, told CoinDesk this brand brand new partnership with stablecoin promoter MakerDAO ended up being driven by consumer need.

Away from “thousands” of users, over fifty percent of Ledn’s users are in Latin America, Di Bartolomeo said, where ethereum-backed DAI is increasingly viewed as an alternative solution to strictly regulated buck transfers. The central bank of Argentina restricted civilians to buying only $200 in USD per month, down from the previous $10,000 in fact, this past weekend.

“In Argentina, they convert it immediately to ARS (Argentinian Nuevo peso), and you lose money, ” Nadia Alvarez https://mail-order-brides.biz, MakerDAO’s head of business development in Latin America, told CoinDesk if you receive a bank transference in USD. “We know BTC hodlers don’t want to market their BTC, nonetheless they require liquidity, because of their day-to-day expenses.