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PRESS RELEASE. Smooth finance submitted a proposal to integrate the decentralized stablecoin DAI directly into the traditional financial system. This would be the first time that a stablecoin could be purchased directly from a bank account.

Fluid’s Jessica Walker said: “One of the problems with crypto is the lack of connection to the real world. Fluid solves this problem by integrating Dai directly into our accounts. Users can buy Dai directly from us using dollars, euros, pounds and dozens of other currencies. Dai holders can also now buy coffee on their Fluid Cards, which operate on the Mastercard network.”

Fluid offers traditional bank accounts in Europe and the UK and Fluid accounts, which are open to anyone worldwide. Users can connect their Web3 wallets to these accounts, for a seamless TradFi – DeFi experience. “The time when you had to go through an exchange is over”, – said Walker.

“Our main motivation was to offer an alternative to money transmitters, who charge exorbitant fees”, says Tina Bielowski. “We use Dai as part of our payment rails, as well as integrations into the traditional system, and the end result is that the poorest people in the world get a better deal. Even better, since the money is delivered directly to the user’s phone, it allows vulnerable people to be in control of their financial lives.

Fluid’s own digital currency provides the long-missing integration solution in the crypto world. When combined with Dai, Fluid’s offering aims to connect the two worlds and break down barriers to adoption.

Fluid’s detailed proposal can be viewed here: https://forum.makerdao.com/t/mip99-offer-dai-to-cefi-projects-to-enable-real-world-use-cases/19466

https://github.com/makerdao/mips/pull/768

More details

Fluid allows Dai holders to switch from crypto to a bank account (or Fluid account) in less than a minute. Cardholders can also spend their Dai on their Fluid Cards, which operate on the Mastercard network. These cards are accessible to everyone, worldwide.

See these on YouTube here: https://bit.ly/3XfExEG.


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