CryptoLocally, a non-custodial peer-to-peer platform, has announced a strategic partnership with MakerDAO.
The partnership is focused on facilitating awareness and adoption for the fast-rising decentralized finance (DeFi) space. Interestingly, MakerDAO is the creator of the popular DAI decentralized stablecoin.
In an official blog post, the P2P platform disclosed that, together, both platforms aim to create awareness for DeFi. CryptoLocally also disclosed that their main focus is on underdeveloped and developing countries of the world. The partnership will make P2P platforms available to them as citizens of these countries are relatively unbanked.
According to CryptoLocally, the DeFi space has the potential to revolutionize the finance sector of these countries by providing citizens with financial security and control over their funds. However, to gain access to these ground-breaking innovations, they must first be aware of them. Hence, the partnership between CryptoLocally and MakerDAO.
The partnership provides the P2P platform with MakerDAO’s already established connections. Prior to the partnership, MakerDAO already had representatives in Ghana, South America, and other locations. Plans are also in place to facilitate the creation and growth of more local communities as soon as possible. These communities will also ensure users are well-educated on the rudiments of DeFi, blockchain, and cryptocurrencies.
Together, both platforms are one step closer to achieving the goal of running an inclusive financial ecosystem globally. A system that is available and accessible to all, especially in the underdeveloped and developing regions of the world.
About CryptoLocally and MakerDAO
Non-custodial P2P platform CryptoLocally is a well-known cryptocurrency platform with native token GIV. The platform boasts of top-notch security due to its smart contract escrow. A truly decentralized platform, users earn GIV after every successful trade on its platform. CryptoLocally also recently inaugurated a DeFi feature dubbed Finance wallet. Users can now earn rewards by simply staking cryptos like USDC, DAI, ETH, USDT, UNI, and its native token GIV.
Notably, CryptoLocally is also the first P2P platform to incorporate a DeFi component on its platform. The partnership with MakerDAO is also a major feat for the platform.
MakerDAO is the platform behind the DAI stablecoin. Its protocol, Multi-Collateral DAI (MCD), helps in generating DAI tokens. The platform also has a special governance token known as MKR. Holders of MKR tokens control activities on the MakerDAO platform.
DAI, on the other hand, is a decentralized, unbiased stablecoin “that is soft-pegged to the U.S. dollar.” The stablecoin is immune to hyperinflation and aims to provide economic freedom to everyone, irrespective of geographical location.
Notably, MakerDAO is one of Ethereum’s largest decentralized applications (dApps). The platform also recently added four different Light Feeds for MakerDAO’s oracles.
GIV is currently trading at $0.00391221, with a market cap of $535,151 and a 24-hour trading volume of $15,768. In contrast, DAI currently has a market cap of $944,788,792 and a 24-hour trading volume of $108,262,948.
Find out more about MakerDAO on the Altcoin Buzz YouTube channel.