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DAI becomes first supported stablecoin on Coinbase Earn

Tue, 11 Jun 2019, 05:52 am UTC

Cryptocurrency exchange Coinbase has announced that it is adding DAI stablecoin to its Earn program.

Launched in December 2018, Coinbase Earn allows users to earn cryptocurrencies, while learning about them in a simple and engaging way. The addition of DAI follows the recent addition of EOS and the program’s expansion to more than 100 countries worldwide.

The digital currencies available through the program include Stellar Lumens (XLM), ZCash (ZEC), Basic Attention Token (BAT), EOS (EOS) and 0x (ZRX).

“We expect earning to become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education,” Coinbase said.

In its latest announcement, Coinbase said that DAI is the first stablecoin supported by the Earn program.

Running on the Ethereum blockchain, DAI is a decentralized stablecoin designed to maintain a target value of approximately $1 USD. It is backed by collateral on the Maker (MKR) platform.

According to the DAI white paper:

“The Dai Stablecoin is a collateral-backed cryptocurrency2 whose value is stable relative to the US Dollar.”

Users interested in learning about DAI can earn $2 in DAI for each lesson through the program. Three beginner lessons have been added so far and advanced lessons would be added soon, according to the website.

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