Decentralized Capital is live with support for 8 fiat currencies
It’s been awhile since we posted, but that’s only because we’ve been hard at work bringing our product to market. The day is finally here and we are proud to say that we are open for business!
Here is a little background for those of you not familiar with Decentralized Capital (DC). DC provides users with a secure, convenient way to bring Dollars, Euros, and other government-backed currencies onto and off of the Ethereum network. DC converts cash deposits into DC Assets, a digital currency that is secured by the Ethereum network and collateralized by these customer deposits. Users can transact with DC Assets for products and services on the Ethereum blockchain, gaining the benefits of familiarity and price stability of the national currency they represent.
At launch, DC will support of 8 different fiat currencies: USD, EUR, GBP, CNY, JPY, HKD, CHF, and PLN. Each DC Asset name begins with the letter “D” followed by the three letter currency code. For example, USD = DUSD, and EUR = DEUR, etc. We are launching with the currencies where we see the most demand, and plan to add more in the future. If your national currency is not supported and you would like it to be, please reach out to us.
DC Assets are compliant with the ERC20 standard, making them compatible with any product or service that is built on Ethereum. At launch DC will be supported by Gnosis (when live), EtherDelta, and EtherOpt. On other services, such as My Ether Wallet, users can add them as a custom token. If you’re unable to add them to your favorite service just let us know and we’ll work to get our services integrated.
Use cases include, but certainly aren’t limited to, the following:
- Fiat/crypto pairs on decentralized exchanges
- Fiat denominated predictions markets
- Fiat denominated crowdsales & ICOs
- International money transfer
- On chain accounting & cash management
The contract addresses for each currency are listed below, and are also available on our website. To add our currencies as a custom token, please use the corresponding token symbol, contract address, and multiplier/precision (DC Assets have a precision value of 8).
- DUSD: 0xfdc40df608b10d1ea9ca81a23ea4161c12893ec1
- DEUR: 0xbc39c6b7a74028876d7b336fd6426f85f8265bd8
- DGBP: 0x5f4fee4dc569af8e1ea7ee0aa34e7c3c31e1f31e
- DCNY: 0x83a6781ea92856f6ae7ba1d89c770b16e4896e49
- DJPY: 0x47e0cb271ecf53f169b79c611d5d6ef03ef86a0e
- DHKD: 0xf51e0cd0917c8ba8147cc053134fb296837bffa6
- DCHF: 0x33b672c41662e89b33501ce4949a39b354fcbcd5
- DPLN: 0x793172d94837a1d007c7b906053860e365ecba1d
DC supports purchase in two ways
Customers can easily convert Bitcoin into DUSD, DEUR, and DGBP. Simply set up a DC account and an Ethereum address, and login to initiate the purchase. This purchasing channel does not require any KYC/AML and is the fastest and easiest way to acquire DC Assets.
DC also supports purchases via wire transfer through our banking provider, Crypto Capital. Once users set up a Crypto Capital account and link it with their DC account, they will be able to wire funds into their account and redeem them for DC Assets.
For the time being the minting and issuance of DC Assets will be performed manually. Our assets have many safeguards built in, but manual processing will allow us to slowly increase the automation and ensure we have the safest approach possible. Manual processing also means that there will be a delay between the time when we receive the BTC or Crypto Capital deposits and the time when the DC Assets are sent to the customer. It is our company goal that all transfers will be processed within a 12 hour period. This is a temporary measure to ensure that we are taking the best approach possible for the long term viability of DC, and we ask for your patience as we scale up our service.
For more info come over to our website, check out FAQ/about us, and reach out to us via email (email@example.com) if you have any additional questions.
(Join the discussion on r/Ethereum)