DeFi Giant, MarkerDAO Partners with Simplex to Create a Dai-To-Fiat Gateway

News / 04.03.2020

Decentralized finance (DeFi) giant, MakerDAO recently partnered with one of the leading payment solutions provider, Simplex.

According to the announcement, the partnership is to create a fiat on-ramp for MakerDAI’s stablecoin, DAI. The partnership will enable users to purchase DAI through their credit and debit cards from the solution released by Simplex.

MakerDAO is one of the leading players in the DeFi space and the company behind the Dai decentralized stablecoin. Data from Defi Pulse shows that Maker has a 56% dominance of the total value locked in Decentralized finance platforms.

Gustav Arentoft is Maker’s Business development representative in Europe. According to him, having DAI integrated into Simplex is beneficial to both current and future users. He said it gives the users straightforward fiat on-ramp and off-ramp with access to the industry’s biggest players.

Simplex is a financial institution with a European Union license to operate. The company has more than 100 partners that support 13 different cryptocurrencies and 19 different fiat currencies.

A spokesperson from Simplex told Cointelegraph that MakerDAO started the contract and that many crypto startups are looking forward to develop an on-ramp distribution network. He added that, Simplex has seen a dramatic effect on demand and prices with other cryptos that has been added to their network.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.