RATE Group | Lock BTC, Get DAI: Lending Firm Bridges Bitcoin-DeFi Divide in Latin America
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Lock BTC, Get DAI: Lending Firm Bridges Bitcoin-DeFi Divide in Latin America

29 Oct Lock BTC, Get DAI: Lending Firm Bridges Bitcoin-DeFi Divide in Latin America

Posted at 15:25h in Ethereum News by

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Canadian startup Ledn, which offers bitcoin-backed fiat loans, now also offers dollar-pegged DAI loans, connecting bitcoin users with ethereum’s decentralized finance (DeFi) ecosystem.

Ledn co-founder Mauricio Di Bartolomeo, a Venezuelan expat, told CoinDesk this new partnership with stablecoin promoter MakerDAO was driven by customer demand.

Out of “thousands” of users, more than half of Ledn’s users are in Latin America, Di Bartolomeo said, where ethereum-backed DAI is increasingly seen as an alternative to strictly regulated dollar transfers. In fact, this past weekend the central bank of Argentina restricted civilians to buying only $200 in USD per month, down from the previous $10,000.

“In Argentina, if you receive a bank transference in USD they convert it immediately to ARS (Argentinian Nuevo peso), and you lose money,” Nadia Alvarez, MakerDAO’s head of business development in Latin America, told CoinDesk. “We know BTC hodlers don’t want to…

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