According to an official announcement made on August 7 by blockchain project Pundi X, MakerDAO’s stablecoin DAI has been integrated into the Pundi X payment Network and can be used to make transactions through its products and services.
A Stablecoin to Facilitate Payments
Cryptocurrency payments startup Pundi X announced on August 7 that they had successfully integrated MakerDAO’s stablecoin DAI into their payment ecosystem which includes the XWallet app, XPASS Card and XPOS device.
The integration was possible thanks to the Pundi X Open Platform which allows custom ERC20 digital token listing within Pundi X products. In addition, for all successful custom token listers it will be possible to create customized XPASS cards. MakerDAO has already taken advantage of this option by creating 50,000 MakerDAO-branded XPASS cards that will be sent to users starting next month.
Initially, the distribution of the cards will be concentrated in four regions of Latin America: Brazil, Argentina, Colombia, and Venezuela as the use of cryptocurrencies in these regions hit an all-time high in early August 2019 due to a period of severe hyperinflation which hit all the countries at the same time.
Even though for these countries, digital currencies are a better alternative to a national currency, trying to use bitcoin (or any other cryptocurrency) today in everyday commerce makes little sense due to its volatility and usability (confirmation times, fees, TX throughput, available wallets…).
This is the reason why Pundi X has decided to collaborate with MakerDAO. The decentralized stablecoin DAI in fact offers an easy solution that can be used to escape from the hyperinflation trap. According to Nadia Alvarez, LatAm Business Development representative at MakerDAO:
“By integrating Dai across its global payment network, Pundi X makes it very simple for people — even those unfamiliar with cryptocurrencies — to use Dai and have more control over their finances.”
July on Fire for Pundi X
The addition of the DAI stablecoin further strengthens Pundi X’s reputation and stability.
In the last month, Pundi X has succeeded in giving a considerable boost in terms of development thanks to a series of partnership and project that aim to widen cryptocurrencies usage as a means of payment.
Among the most important achievements, we have the integration support of its XPOS module on traditional POS terminal by US-based Verifone, the integration of its cryptocurrency payment app XWallet with Samsung Blockchain Wallet and the release of XPhone, the first blockchain-powered smartphone to be unveiled in Africa.