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