This article was first published on Stories by MakerDAO on Medium
MakerDAO Collaborates on South Korean Local Government Projects with VANTA Network and HYCON (Glosfer)
Following the official launch of the National Relayer Campaign in Korea in March 2019, the MakerDAO Korean community worked closely with its partners including VANTA to drive awareness and adoption of Dai.
The latest initiative involves partnering with VANTA and HYCON (Glosfer) to collaborate on government projects for switching South Korean cities’ local currencies into cryptocurrencies.
Several Korean cities have their own local currencies to boost their local economies and preserve local capital. However, cryptocurrency’s advantages such as transparency and security are encouraging some cities to switch their local currencies into cryptocurrencies.
Glosfer, a leading blockchain technology and services company in Korea, collaborated with a local South Korean government to create Nowon Coin, which was the first local cryptocurrency in the world.
VANTA Network is creating more use case for such local cryptocurrencies:
“VANTA Network will provide API, which will be used by small business owners and enterprises to easily connect with their local community. Using VANTA’s API will create opportunities for marketing, and a portal for sending/receiving data while drastically reducing service fees.”
MakerDAO plays an important role as service providers like VANTA can swap received local cryptocurrencies with MakerDAO’s stablecoin Dai. Therefore, the service providers can reduce risk from large volatility in price. In addition, Dai’s global presence and usage help the service providers to turn Dai into cash or other use cases more easily.
We are excited about this new partnership, and we look forward to having more strong use cases and partners in Korea!
MakerDAO issues Dai, which is the first and largest decentralized stablecoin on the Ethereum blockchain. Despite the volatile nature of the cryptocurrency market, Dai has successfully maintained its peg to the US dollar.
About Glosfer (HYCON)
GLOSFER is a leading blockchain technology ...
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Stories by MakerDAO on Medium