Digital asset exchange Coinbase has announced that it will support the upcoming multi-collateral version of Maker’s DAI stablecoin.

On November 8, Maker said via a blog post that Multi-Collateral Dai (MCD) would be launched on November 18, and that this would be a “a huge milestone reached for the MakerDAO project.” It also mentioned that MCD would be introducing :exciting new features to the Maker Protocol, including the much-anticipated Dai Savings Rate (DSR) and, of course, additional collateral asset types.”

Then, on November 15, another blog post from Maker stated that at 22:25 UTC on that day, MKR holders had made history by “ratifying the collection of system parameters needed” for activating MCD, which they promised would be launched on November 18.

On the same day, Coinbase published a blog post that explained what was significant about the upcoming launch of MCD:

Multi-collateral DAI introduces changes to the existing DAI stablecoin. In single collateral DAI (the current form of DAI), only Ethereum can be used as collateral when creating DAI. With multi-collateral DAI, both Ethereum and other ERC20 tokens can be used to create DAI, with eligible collateral types voted on by Maker token holders.

Coinbase went on to say that it planned to provide support for MCD in both its Coinbase Consumer and Coinbase Pro trading platforms at 09:00 PST (or 17:00 UTC) on 2 December 2019, promising to “automatically convert any DAI you hold on Coinbase to multi-collateral DAI” at that time. 

Those users who would like their single-collateral DAI to get converted to multi-collateral DAI just need to keep their DAI on Coinbase and those users who do wish Coinbase to perform an automatic upgrade to multi-collateral DAI should either sell or withdraw their DAI tokens before 2 December 2019.

Note that you can also use the Coinbase Wallet mobile app to perform the upgrade to multi-collateral DAI yourself.

According to CryptoCompare, currently, MKR is the best-performing cryptoasset in the top 30, with a gain of 6.4% against USD in the past 24-hour period:

MKR-USD 24 Hour Chart - 16 Nov 2019.png


Featured Image Courtesy of Coinbase