RATE Group | DeFi Leader MarkerDAO Partners With Simplex to Create a Dai Fiat On-Ramp
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DeFi Leader MarkerDAO Partners With Simplex to Create a Dai Fiat On-Ramp

03 Mar DeFi Leader MarkerDAO Partners With Simplex to Create a Dai Fiat On-Ramp

Posted at 22:12h in Cryptocurrency News by

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Major decentralized finance (DeFi) player MakerDAO (MKR) partnered with payment processor Simplex to create a fiat on-ramp for its Dai (DAI) decentralized stablecoin.

According to an announcement on Mar. 3, the partnership makes it possible to buy Dai with the credit and debit cards of Simplex’s partner firms. Maker’s business development representative in Europe, Gustav Arentoft, said:

“Having Dai integrated into Simplex is a benefit to current and future users, […] it gives them a straightforward fiat on- and off-ramp with access to the industry’s biggest players.”

MakerDAO is a leading player in the DeFi space and the organization behind the Dai decentralized stablecoin based on a complex system of Ethereum-based smart contracts. As of press time, DeFi data website DeFi Pulse shows that out of the $967.4 million locked in decentralized finance applications $550 million (over 56%) is in MakerDAO’s protocol.

One of many crypto partnerships for Simplex

Simplex is a…

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