On June 20, 2023, Coincheck Co., Ltd. started handling Dai (DAI) and Maker (MKR) on its cryptocurrency trading service, “Coincheck.”
Dai is a stablecoin issued on the Ethereum blockchain. A stablecoin is a type of cryptocurrency that is designed to maintain a stable value by holding backing assets such as fiat currencies or commodities, thereby reducing price volatility. Dai is backed by the U.S. dollar, and it is designed to always maintain a value of 1 DAI equal to 1 dollar.
Maker (MKR) is the governance token of MakerDAO, which issues and manages Dai (DAI). With Maker, users can borrow Dai by depositing ETH as collateral. Additionally, users can earn interest by lending Dai to other users.
With this new addition, Coincheck users can now trade Dai, a stablecoin, in Japan.