Ethereum-backed decentralized organization MakerDAO has reportedly worked with blockchain-based ecosystem VANTA and HYCON (Glosfer), a South Korean blockchain technology and services company, in an initiative to make its native stablecoin Dai the official currency in parts of South Korea.
VANTA Network will create opportunities for small investors and businesses with the use of API, precisely in terms of marketing and data transferring at a low service fee, according to a Medium post (April 2).
In addition, MakerDAO will help mitigate risks in the face of volatility by allowing exchanges from the regional currencies to Dai. This could make it easier for service providers to turn Dai into fiat or any other use cases.
Glosfer, the first-generation blockchain services company and a local South Korean government jointly launched the Nowon Coin, which was the first local digital asset in the world.
The initiative is set about probably due to several Korean cities nowadays tend to back their economies and capital with their own digital assets, featuring cryptocurrency’s transparency and security.
Earlier in March, MakerDAO partnered with VANTA on a project dubbed “National Relayer Campaign” to bolster the adoption of Dai, which involved twelve Korean cryptocurrency exchanges, incubators, and venture capitals.