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Dai Sees Trading Volume in Latin America Quadruple During Pandemic

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Dai Sees Trading Volume in Latin America Quadruple During Pandemic

The financial disaster in Latin America, exacerbated by the COVID-19 pandemic, has induced curiosity in Dai to skyrocket previously couple of months.
According to a report from native information outlet iProUP, the buying and selling quantity of MakerDAO’s stablecoins quadrupled throughout quarantine in Argentina from $5 million to $20 million every day.
Latin America Flocks to the Safety of Dollar-Pegged Stablecoins
Hit with sovereign debt and hyperinflation, nations in Latin America have entered the COVID-19 pandemic already struggling economically.
One of the ways in which the struggling nations have been coping with the disaster has been by means of the adoption of cryptocurrencies, which many imagine are their ticket out of forex devaluation.
According to a report from Argentinian tech information outlet iProUP, many residents of the area have discovered solace within the “digital greenback”—the Dai stablecoin.
MakerDAO mentioned that Dai momentum has been steadily constructing in Argentina for fairly some time, however exploded as soon as the nation was hit with the COVID-19 outbreak.
An unnamed cryptocurrency alternate informed iProUP that curiosity in Dai quadrupled after quarantine was launched in Argentina—buying and selling quantity surged from $5 million per day to a whopping $20 million per day.
“At the start of 2020, just one alternate within the area supplied Dai; right now, there are six,” MakerDAO mentioned. 
MakerDAO Says Dai Has Gained Incredible Traction
Given that Dai was “barely identified” within the area two years in the past, MakerDAO, the corporate behind the dollar-pegged stablecoin, mentioned that this was an unimaginable achievement.
“Many Latin Americans need {dollars} as a result of they don’t belief the native forex,” mentioned Nadia Alvarez, MakerDAO’s enterprise improvement affiliate for the Latin American area. 
She defined that on the time, Latin America was solely fascinated with Bitcoin, which made it tough to draw individuals to Dai.
However, because of the mainstream attraction of cryptocurrencies, particularly on the subject of surviving hyperinflation, different cash such because the dollar-pegged Dai have been shortly adopted. 
Crypto exchanges and fiat on/off ramps, comparable to Bitso and Buenbit (Argentina’s main Dai alternate), are rising in recognition all through Latin America, as are cell pockets apps comparable to Argent, MakerDAO mentioned.
Dai has additionally change into a preferred retailer of worth in Argentina, with individuals changing Dai again to their native forex as they want it. 
Featured picture from Shutterstock.

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