With very high spirits and rush of excitement, Arax team has another announcement for you.
Arax- Your Universal Crypto Wallet, is steadily moving forward and growing its platform with every passing day.
We have brought to you another addition in the list of Arax supported crypto coins. Staying true to our promise of adding new coins, we are elated to announce the addition of DAI Stablecoin in Your Universal Crypto Wallet.
About DAI Stablecoin
DAI Stablecoin derives its name from the value stability it offers which is relative to the US Dollar. It is a collateral-based cryptocurrency that is completely decentralized.
It also offers the opportunity to earn a steady, low-risk return on DAI holdings using a special mechanic termed as the Dai Savings Rate.
The value of DAI is backed and stabilized by a smart contract platform on Ethereum known as Maker. It utilizes a dynamic system of Collateralized Debt Positions (CDPs), autonomous feedback mechanisms and incentivized external elements.
Anyone can leverage their Ethereum assets on the Maker Platform to create DAI. DAI offers the same facilities that are offered by any other cryptocurrency. These include using them as a mode of payment, trading and a long-term investment option. The creation of DAI results in the generation of the components required for a robust decentralized lending platform.
At the time of launch, Arax supported 12 cryptocurrencies and 6 different Blockchains (now 9). We added 2 more last month to keep our vow made to the community to add more every month via global community vote.
Arax now supports Bitcoin, Stellar, Ripple, Litecoin, Ethereum, LALA Token, 0X, Binance, Basic Attention Token, OmiseGo, TrueUSD, Tron and EOS.
Arax also offers various in-app services including mobile bill payments & recharges via cryptocurrencies, instant cryptocurrency conversions, and remittance (to be live soon. You can also send crypto with its star feature “Nearby” via GPS without any fee. It is a single storage app for multiple digital assets that gives each user true immutable ownership.
We are making new announcements with each passing week. Stay updated with the latest developments of Arax by following us on our social media channels. We extend our heartfelt gratitude for your continuous love and support.
Stay tuned for more updates!