Leading Cryptocurrency Exchange Bitrue Adds DAI Stablecoin As a Base Asset

By Stan Peterson
April 14, 2022 Updated April 14, 2022
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Bitrue, one of the leading centralized cryptocurrency exchanges, has added DAI stablecoin as one of its base assets. The platform looks to expand the access to in-demand digital tokens for its millions of users. The Bitrue team has announced that the integration of DAI as a new base asset will take effect starting next week. To begin with, 73 DAI asset pairs will be listed alongside the stablecoin.

DAI is an Ethereum-based stablecoin (stable-price cryptocurrency), the issuance and development of which are managed by the Maker Protocol and the MakerDAO decentralized autonomous organization. This digital asset has been gaining popularity for longer than most stablecoins exist. It brandishes the technological uniqueness of DAOs, which many believe are the future of Decentralized Finance (DeFi).

“We are very happy to be lending increased support to DAI, a project which has successfully shown the world the power of collective decentralized community action. It is one of only 8 coins that we have promoted to base currency status, owing to its popularity and widespread adoption,” said Adam O’Neill, Chief Marketing Officer at Bitrue.

Leveraging the DAI’s Existing Bitrue Influence

Despite the latest move to present DAI as a major base asset on the Bitrue ecosystem, the stablecoin is not new to the platform, as it was listed as a trading pair with USDT back in October 2020.

The decision to expand the influence of DAI on Bitrue stems from the growing demand for exposure to DAO-controlled tokens and the opportunities they present. As a trading platform with over 400 coins listed, Bitrue will present DAI pairs with the most-demanded coins, including the likes of Dogecoin (DOGE), Polygon (MATIC), and Stellar (XLM).

As the Bitrue ecosystem has been developing to expand its offerings to customers worldwide, the DAI stablecoin has also been added to the Bitrue investment service earlier this week. This addition will allow users to stake their DAI for 5% APR. The service, known as Power Piggy, features daily payouts and does not require users to lock their funds for any period.

Just like Bitrue, every mainstream cryptocurrency exchange prioritizes the integration of innovative coins, as well as those that drive optimal traffic. The goal for many of these platforms, including Bitrue, is to create a thriving ecosystem where crypto traders and investors have enough options to maximize their engagement and profit.

Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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