[Ethereum] DApps with fiat currency

dapp-designdappshyperledger

Is it possible to build DApp which can accept Fiat currency? Because for an existing business to move to blockchain, the existing users should be able to transition to DApp seamlessly. I would like to propose a blockchain solution without hurting the current user base.

Does any blockchain offer this solution? Is hyperledger an option?

Thanks in advance for your time and response.

Best Answer

In Ethereum, the closest you can get to a fiat currency is to use DAI, a decentralised stable coin. It was created by MakerDao and, despite being at the beginning, they are doing a great job. DAI is 10x better than other centralised solutions which merely peg the token to a USD bank account.

To address your question, there is no way around the problem other than:

  1. Integrating with a third-party exchange and ask customers to sign-up there (KYC will most likely apply)
  2. Depending on the nature of your business (whether you allows users to keep money on your website), you may be able to exchange their money to ETH, on demand, by connecting to a decentralised exchange. To preclude volatility risks, you could keep the business' funds in DAI.
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