On June 26, 2019, Coinsource announced that it will be adding Dai stablecoin to its machines this summer, in preparation for the launch of a full remittance service. MakerDAO issues Dai, a collateral-backed cryptocurrency that has a one-to-one soft peg to the U.S. dollar.
Coinsource operates more than 230 Bitcoin ATM machines in 29 states and the District of Columbia. Adding the ability to buy, sell, and store Dai stablecoins, will pave the way for Coinsource to become a remittance service provider.
“In remittances, people want to save as much value and they don’t want to be subjected to high volatility that you’re seeing in bitcoin and other cryptocurrencies that can be very speculative,” said Travis Gough, chief product officer at Coinsource.
In a post for Reuters, Forex Correspondent Gertrude Chavez-Dreyfuss reported, “ Under the remittance service rollout slated for sometime this year, Coinsource will allow its machines and Dai to seamlessly send cash from wallet to wallet. Users will be able to inject funds into a wallet and send that to recipient parties upon fulfilling the necessary ‘know your customer’ screening requirements. Recipients will then be able to instantly redeem their transaction at any Coinsource machine or supported location.”