Coin News

Coindirect announces fiat-to-Dai transactions in European and African markets

Coindirect users can now buy MakerDao’s Dai tokens in local fiat currency without transacting Ether first.

Leading African cryptocurrency exchange Coindirect has announced that it now fully supports MakerDao’s Dai stablecoin.

The African exchange is one of the first exchanges to offer direct transactions from national fiat currency to Dai and Dai to fiat. As the stablecoin is an Ethereum-backed token, many other platforms offer the exchange of Eth-to-Dai but do not process fiat-to-Dai transactions.

Coindirect, which currently provides the biggest cryptocurrency offering in Africa with over 40 tokens available on the platform, was recently announced as the number one cryptocurrency exchange in Africa.

Earlier this year, Coindirect raised over €1 million in its seed round led by Concentric,, and MakerDao. Since the announcement, Coindirect has launched a Euro wallet offering Euro-to-crypto payments for users residing in Austria, Belgium, Cyprus, Germany, Estonia, Spain, Finland, France, Greece, Ireland, Italy, Lithuania, Luxembourg, Latvia, Malta, Netherlands, Portugal, Slovenia, Slovakia and Denmark.

Rune Christensen, CEO and co-founder of MakerDAO commented:

Maker believes the blockchain has the power to create an inclusive platform for economic empowermentWorking with Coindirect to help people purchase and trade cryptocurrencies with their local currency is one step closer to providing people around the world with equal access to the global financial marketplace.”

Posted: Oct 30, 2020 Author: Becky Categories: Coin News