Interactive

Argentina – Cloudbet adds Dai Stablecoin to currency options

By Lewis - 24 November 2020

Cloudbet has added MakerDAO’s Dai to the currencies available to its customers amid interest for the stablecoin in Argentina and South America.

To complement the launch, the operator is offering a “Red Card Money Back” promotion to customers who bet on select Argentine soccer events with Dai, as well as 200 free spins in the Cloudbet casino to players who deposit the stablecoin into their accounts. New players are eligible for a welcome bonus worth up to 1,000 Dai.

Dai’s introduction comes two weeks after Cloudbet officially launched its Argentina-focused service, and is the latest stablecoin addition this year for the operator, on top of USD Tether, USD Coin and Pax Gold.

Because their value is tied to a “stable” underlying asset, stablecoins have been gaining popularity in crypto-gaming circles as a solution for players seeking to protect their winnings from the extreme volatility experienced by holders of bitcoin and other non-stablecoins. In Argentina, people have been flocking to coins like Dai as a hedge against the devaluation of the peso, amid stringent government capital controls.

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

Earlier this month, the operator unveiled a country-specific site and blog to help Argentinians learn more about the benefits of betting with cryptocurrency. The operator’s move into South America is part of a push to attract a more diverse audience to what was once a bitcoin-only product. Cloudbet relaunched its site in April with features including new coins, esports, politics betting, virtual sports and easy credit-card coin purchases.