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MakerDAO and Wyre Answer Community Questions About New Partnership - Invest In Blockchain

On August 14, CEO of MakerDAO Rune Christensen and CEO of Wyre Michael Dunworth entered into a partnership, in which Dai, MakerDAO’s stablecoin, was made available to be converted from fiat on Wyre, a blockchain platform that facilitates international money transfers. To further bring their communities together, and to make sure everyone was on the same page, the 2 CEOs decided to hold a Reddit AMA for their followers.

Questions from the community ran the gamut of very practical, as the person who asked about the fees for DAI/USD exchange (1:1 exchange rate, with 0.25% fees), to a very in-depth criticism about the level of risk certain inactive MKR holders are taking on (which was less satisfactorily resolved).

Here is the link to the full AMA, but we have summarized the highlights, so keep reading!

Who Will Hold the Reins?

Understandably, a lot of concern was expressed regarding access and control. One user wondered whether Wyre would control who can access their API. Dunworth assured them that yes, they would. He described it:

Think of someone under the hood of brokerages, exchanges, or fintech apps. They basically onboard with us as a company, and build it into their platform.

And, since Wyre is a hosted wallet solution, they won’t have any access to your personal wallets.

Clarifying the Nature of Dai

One question was asked about the Dai coin, and whether it is able to be “de-pegged” from fiat currency, say, in the event of a global financial crisis. Christensen responded that for now, Dai will continue to be pegged to the USD, the most commonly used fiat currency. But he states:

However it has always been the plan that the core stability function of Dai should eventually become independent from USD and instead represent pure stability in terms of consumer prices – a CPI basket.

In the future, he foresees Dai becoming pegged to CPI, which theoretically should provide economic stability through a widespread col...

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