Cryptocurrency exchange platform Huobi has integrated support for decentralized applications (DApps) and MakerDAO tokens in its digital wallet. The Huobi Group recently shared the news with Cointelegraph.
MakerDAO is a kind of decentralized autonomous organization (DAO), an association that’s managed exclusively through code and smart contracts. It doesn’t have any human managers. Meanwhile, a DAO is maintained by users using a consensus voting device. This mechanism can also be utilized to enact management changes.
The Maker Project
The group also has a token dubbed the MKR, a stablecoin named DAI, and applications like the CPD Portal. The Maker project is said to be an amalgamation of its collateral loans, community governance, and digital assets.
The Huobi Group is said to be implementing wallet support for Compound, a self-governing protocol for financial DApps. The Huobi Wallet, which has been developed for cryptocurrency lending, will provide backing for both its DApp and tokens.
Livio Weng, the CEO of Huobi Global, said the company believes blockchain technology has enormous potential with regards to cryptocurrency. The technology will also help provide the public with improved financial products and services.
Weng also said that both MakerDAO and Compound share the company’s vision and that they’re happy to provide support for the two.
The Huobi Group is the latest company to partner up with MakerDAO. It was reported previously that Monolith, a rising banking alternative based in London, is working with the company.
Monolith will reportedly provide Visa debit cards that will allow users to make purchases, pay bills, and receive and send money using Dai.