What is Dai (DAI)?
DAI is the 4th largest stablecoin by market cap that seeks to maintain a constant value of $1 USD and uses other cryptocurrency assets as its collateral. It is decentralized, collateral-backed and runs on the Ethereum blockchain. DAI is governed by the Maker (MKR) protocol, which is a decentralized application (DApp) whose function is to collect collateral and make loans of DAI in an automated way. You can buy and sell DAI for any major cryptocurrency, like BTC, ETH, and XRP or traditional currency such as Canadian Dollar, US Dollar, and Euro. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade DAI for BTC the same way you trade CAD for USD. You can also trade DAI to CAD based on the DAI price. To learn how to buy DAI, scroll down to see how to buy DAI.
How to buy Dai (DAI)?
Here's how to buy Dai on Coinsquare
To buy Dai, simply follow these steps:
1. Sign up for a Coinsquare account and verify your identity
This is the first step to buying DAI. Verifying your identity helps us to properly connect your funds to your account.
2. Fund your account with Canadian Dollars
Funding is like putting gas into a car – it helps you get where you want to go.
3. After funding, select DAI from the list on the trade section
Coinsquare lets you trade DAI without leaving the app. You can also check the Dai price and convert DAI to CAD or USD on the platform.
4. Select a currency you’ve funded and use it to check the DAI price
In the Coinsquare app, all currencies available to trade can be found in the drop down list.
5. Buy Dai (DAI)
Congratulations! You’re now the proud owner of DAI. You can either HODL or use it to exchange DAI to CAD or any other cryptocurrency listed on Coinsquare.
Where do I keep my Dai (DAI)?
At Coinsquare, we offer customers the power of easy transactions and cold storage security. Client assets are securely stored 1 to 1 in cold storage with approved custodians, kept separate from operational funds, and never utilized for lending purposes.
All client assets are held in trust with external, licensed custodians with a combined $680M USD in insurance. Additionally, CCML maintains Vault Risk insurance beyond those of its custodians that cover risks related to the cold storage of its clients’ crypto assets. And the cash held in your account is insured against insolvency by the Canadian Investment Protection Fund (CIPF). This means that in the unlikely event that Coinsquare (CCML) becomes insolvent, CIPF will cover any shortfall of cash held in client accounts up to $1 million CAD per account.
Ready to add Dai (DAI) to your portfolio?
Create your account, fund it with spare change and get a little bit of DAI.
