Cloudbet Adds Support for DAI Stablecoin in Argentina Market

Cloudbet Adds Support for DAI Stablecoin in Argentina Market

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25. November 2020 | UPDATED ON: 23. December 2020
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As interest for DAI stablecoin is increasing in South America, crypto gaming pioneer Cloudbet has launched support for the coin in Argentina markets. The operator is also planning to launch more coins in the market.

Cloudbet makes a big move

DAI is the stablecoin by MakerDAO which will now be available to Cloudbet’s customers in Argentina. The leading cryptocurrency casino and sportsbook, is looking forward to creating a strong market presence in Argentina and the South American market at large, where the demand for cryptocurrencies is booming.

Cloudbet Adds Support for DAI Stablecoin in Argentina Market

The Bitcoin casino is offering a “Red Card Money Back” promotion to its customers to celebrate the launch. The promotion will be available to customers who bet on select Argentine soccer events using DAI. It is also offering 200 free spins to customers who deposit the stablecoin into their accounts. The new players will also be eligible for up to 1,000 DAI welcome bonus.

Argentines in for a big win

Cloudbet launched its Argentina focused service just two weeks ago. The operator has also started supporting more stablecoins this year- starting with Tether, USD Coin, Pax Gold, and now DAI. The value of the stablecoins is attached to a fiat currency which is considered a stable asset. These coins have been gaining popularity because of the less volatility in the market. These coins also help in maintaining the value of winnings for the users, which is otherwise not available in cryptocurrencies like Bitcoin.

Argentines have been showing heightened interest in digital currencies, especially DAI because of the devaluation in peso while the government keeps very strict controls on capital. A Cloudbet spokesperson commented on the launch and said,

“Stablecoins are supremely relevant in Argentina, where individuals are looking to protect the value of their assets. We said recently that we intend to add more coins that are specifically appropriate for this market, and we’re now following through.”

About Adam Green

Adam Green is an iGaming industry written that has been covering industry regulation and events for the past 11 years. He has written for a number of other publications including iGaming Insider, IGB Magazine and Gambling 911.