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, Blockchain.com, 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 empowerment. Working 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.”