MarkerDAO Joins Simplex to Provide Dai-To-Fiat Payment Options

News / 04.03.2020

The leading Decentralized finance (DeFi) player, MakerDAO has recently announced a partnership with Simplex, one of the leading payment solutions providers. This announcement was according to a recent tweet by those in the know. The partnership aims to create a fiat on-ramp for MakerDAO’s stablecoin, DAI. Clients will be able to purchase DAI through their credit and debit cards thanks to a solution offered by Simplex.

MakerDAO is a giant in the DeFi space. The company behind the Dai decentralized stablecoin accounts for a whopping 56% of the total value locked in DeFi platforms according to Defi pulse.

Increased Sectorial Access

Europe’s Business development representative, Gustav Arentoft,  views the DAI-Simplex integration as very beneficial to both current and future users. According to him, clients will enjoy a straightforward fiat on-ramp and off-ramp access to the industry’s biggest players.

His observation is backed by Simplex’s license to operate in all the European Union nations as a financial institution. As a result, the company has more than 100 partners backing around 13 different cryptocurrencies and 19 different fiat currencies.

Increasing Interest in Simplex

A spokesperson from Simplex told Cointelegraph that MakerDAO started this contract. He added that there are also many other crypto startups interested in developing an on-ramp distribution network. He also pointed out how Simplex has seen a dramatic effect on demand and prices regarding the other cryptos that have been added to their network.

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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.