OKEx to Integrade Maker’s Dai Savings Rate

This program will allow stablecoins holders to earn 4% of the assets on their account as well as 1% as a bonus from OKEx platform
17 December 2019   326

OKEx cryptocurrency exchange will be the first major platform to integrate the DAI Savings Rate (DSR), which will allow stablecoin holders to earn 4% of the assets on their accounts.

According to the announcement of the decentralized autonomous organization MakerDAO, which oversees the development of the stablecoin ecosystem, the corresponding opportunity will be activated for OKEx users on December 23. From this moment, the exchange customers will be able to directly deposit Dai into their accounts and stake them through DSR to receive payments stipulated by the protocol, as well as additional bonuses from the exchange.

It is not planned to establish a minimum or maximum limit on the size of the deposit for participation in the program, as well as impose commissions.

With OKEx integration, DSR distribution in Asia could accelerate, and millions of people could potentially become Dai users.
 

MakerDAO

Activation of the DSR in the Dai protocol took place last month after an appropriate decision by the MKR holders. According to a recent MakerDAO notice, users blocked 16 million Dai in a DSR contract in the first three weeks of the feature. 

OKEx said that the additional bonus for users who will stake Dai on its platform will be 1%.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   286

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.