MakerDAO Announces Local Cryptocurrency Project In South Korea

MakerDAO, the issuer of Dai, has announced a new program in South Korea. This is the development of earlier successful initiatives with its partners including VANTA, a decentralized network for real-time, secure, and private connectivity to drive the adoption of Dai. The latest initiative involves partnering with VANTA and HYCON (Glosfer), a leading blockchain technology and services company in South Korea, to collaborate on government projects.

Several Korean cities have their own local currencies to boost their local economies and preserve local capital. The advantages of crypto such as transparency and security are encouraging some cities to switch their local currencies into cryptocurrencies.

Glosfer recently collaborated with a local South Korean government to create Nowon Coin, the first local cryptocurrency in the world. Further, VANTA Network is supporting more use cases for such local cryptocurrencies, VANTA Network will provide API support, which will be used by small business owners and enterprises to easily connect with their local community. MakerDAO plays an important role as service providers like VANTA can swap received local cryptocurrencies with MakerDAO’s stablecoin Dai. Therefore, the service providers can reduce risk from large volatility in price. In addition, Dai’s global presence and usage help the service providers to turn Dai into cash or other use cases more easily.

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