Fluid Finance Proposes to Integrate the DAI Decentralized Stablecoin Directly into the Traditional Financial System

  • This marks the first time that a decentralized stablecoin can be purchased directly from a bank account, not using a crypto exchange.
  • It lays the foundation for mass adoption of stablecoins.
  • Primary use case is in the remittance market, allowing users to send peer-to-peer money at lower rates than traditional providers like Western Union.
  • Uses a pool mechanism on Balancer, on the Arbitrum network.

Geneva, Switzerland–(Newsfile Corp. – January 23, 2023) – Fluid Finance submitted a proposal to integrate the DAI decentralized stablecoin directly into the traditional financial system. It would be the first time that a stablecoin could be purchased directly from a bank account.

Jessica Walker at Fluid said: “One of the problems with crypto is the lack of connection to the real world. Fluid solves that by integrating Dai directly into our accounts. Users can buy Dai directly from us using dollars, euros, pounds and dozens of other currencies. Dai holders can also now buy coffee on their Fluid Cards, which operate on the Mastercard network.”

Fluid offers traditional bank accounts in Europe and the UK and Fluid Accounts, which are open to anyone globally. Users can connect their Web3 wallets to these accounts, for a seamless TradFi – DeFi experience. “Gone are the days of having to go through an exchange,” said Walker.

“Our main motivation was to offer an alternative to money transmitters, who charge exorbitant fees,” said Tina Bielowski. “We use Dai as part of our payment rails, together with integrations into the traditional system, and the end result is that the world’s poorest get a better deal. Even better, since the money is delivered directly to the user’s phone, it allows vulnerable people to have control of their financial life.”

Fluid’s own digital money provides the integration solution missing for so long in the crypto world. When combined with Dai, Fluid’s offer is intended to connect the two world and removes barriers to adoption.

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Figure 1

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Fluid’s detailed proposal can be seen here: https://forum.makerdao.com/t/mip99-offer-dai-to-cefi-projects-to-enable-real-world-use-cases/19466

https://github.com/makerdao/mips/pull/768

More details

Fluid enables Dai holders to off-ramp from crypto to a bank account (or Fluid Account) in less than a minute.

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Figure 2

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Holders can also spend their Dai on their Fluid Cards, which run on the Mastercard network. These cards are available to anyone, globally.

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Figure 3

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See these on YouTube here: https://bit.ly/3XfExEG.

Tina Bielowski
[email protected]
+41 22 731 86 66

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152202

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