Want to buy the S & P 500 index? Just Use This Crypto

Intrigued to buy the S & P 500 Index using crypto assets? A company called UMA yesterday announced a partnership with MakerDAO and launched a token whose value is worth the price of US $ 1 x The S & P 500 Stock Index. The ERC-20 based token is called USStocks.

On the DEDX platform users can purchase the index using MakerDAO's stablecoin DAI. DAI itself is pegged at the price of the US dollar. This allows people in any country to access the most popular investment instruments in the world.

"USStocks is an ERC-20 token that represents ownership of the S & P500 Index sold on the NYSE and Nasdaq exchanges. This means that everyone who has access to the Internet and digital money can participate in the United States capital market, "UMA said on his blog.

Meanwhile, MakerDAO CEO Rune Christensen called this step an inclusive step for global citizens to enter the global financial market. Regarding the date of the initial settlement (initial settlement), it will be conducted on May 15, 2019, when USStocks tokens can be exchanged again into DAI tokens.

Based on the search for Blockchainmedia, the platform used to purchase USStocks tokens was decentralized. This allows users not to do KYC or AML. Users simply connect to the platform with the MetaMask that you installed in the browser (browser).

The S & P 500 is an index consisting of shares of 500 large-capital companies, mostly from the United States. This index is the most well-known index owned and managed by Standard & Poor's, a division of the McGraw-Hill company

New USStocks Token Allows Investors to Access the US Stock Market with Stablecoin Dai

"USStocks is an ERC20 token representing synthetic ownership of an index of 500 US stocks listed on the largest exchange. This means that anyone who has access to the internet and digital money can participate in the US stock market, "explained the blog post.

The company determines that the token tracks the index of the top 500 companies on the New York Stock Exchange and Nasdaq.

"Dai is there to create an inclusive platform for economic empowerment - enabling equal access to global financial markets," Maker CEO and co-founder Rune Christensen said, adding:

"USStocks is an interesting example of how decentralized finance can open up economic opportunities for people regardless of geographical or income level."

Investors will not take any share ownership, while the ownership of USStocks represents bets, supported by Dai at a 108.5 percent overcollateralized ratio.

The initial settlement date for completion is May 15, when USStocks tokens can be exchanged back to Dai.

This step was carried out amid an increase in expansion in popularity and use cases for stablecoin, which remain strongly linked to the USD worldwide.

At the same time, MakerDAO has been trying to resolve dental problems with Dai, a exchange rate that has consistently dropped below $ 1 in recent weeks.

I hope that from the article above, hopefully it will be a motivational language for my friends to easily understand steemit ideas. As a place to make it easier to understand, if there is other content from the Steemit application that is then in issuing new ideas. Thank you for your support and if there are suggestions, friends might suggest that from friends there is a new motivation. cointelegraph

Thanks to @esteemapp, @good-karma, @mysteem, @esteem.app, @demo, @feruz

to make this application so that we can all think wisely.