CryptoLocally Partners with MakerDAO to Build P2P Communities

Crypto to fiat payments gateway CryptoLocally announced on Wednesday that it has partnered with the DeFi trading ecosystem MakerDAO to build P2P communities across the globe. In the official tweet, CryptoLocally said that the partnership is intended to make crypto and decentralized financial services more accessible to people worldwide.

Demand for crypto payments is on the rise and has been further amplified by the Coronavirus Pandemic. This is also true for the larger DeFi segment, making it one of the hottest ones in the crypto-blockchain industry. Players like CryptoLocally and MakerDAO that focus on DeFi primarily are taking major steps to have their share of the pie.

In the official announcement on Medium, CryptoLocally stated that DeFi is the way to make financial services accessible who currently don’t have it. As the technology spreads around the world via global P2P communities, the accessibility will also improve, it indicated. CryptoLocally is focused on expanding its services to the unbanked and underbanked people from developing countries.

CryptoLocally is a decentralized peer-to-peer exchange with the vision of a global DeFi future. It recently added the Finance Wallet on its platform, which allows its users to earn rewards for staking ETH, USDT, USDC, GIV, DAI, and UNI. MakerDAO, on the other hand, is the creator and governing body of the DAI stablecoin. Its underlying Maker Protocol enables developers to create their cryptocurrencies while it is government via DAI holdings. Maker was also among the first DeFi DApps built on the Ethereum Network to have had successful mass adoption.