One of the first major hurdles in crypto adoption has been the acquisition of cryptocurrency – few people are able to earn crypto directly or generate new assets through mining activities, so the most obvious route to owning crypto assets would be to purchase some with fiat.
While it’s become increasingly easy to do this, it adds another layer of access when it comes to using the majority of DeFi services. This is because a new user would first need to acquire crypto since crypto assets are required to participate in DeFi. The majority of DeFi platforms, however, do not have an integrated way – referred to as a fiat on-ramp – to purchase crypto with fiat, forcing a newcomer to obtain their first crypto via exchanges or other services that offer customers the ability to exchange their fiat money for cryptocurrency.
Plasma.Finance removes this additional layer by integrating a Fiat On-ramp, using its own PlasmaPay payment processor, giving users the ability to exchange their fiat money for cryptocurrency directly on the DeFi platform using current market rates.
It offers many different providers as well, catering to popular payment methods such as credit cards and bank wires. As DeFi markets look to welcome a broader range of users from the wide and varied traditional finance space, Plasma.Finance also comes ready with a diverse range of e-wallets popular in various regions throughout the world, ensuring a wide reach of customers. For example, USA and worldwide customers can buy crypto using MoonPay which supports ApplePay, GooglePay and others, while Southeast Asian, Australian, New Zealand and Indian customers can directly pay with XanPool, and European users can buy with euros directly with bank transfers.
Today, PlasmaFinance’s DeFi fiat on/off ramp serves 160+ countries better supported with fiat capabilities, using payment solutions with responsible financial compliance and KYC/AML requirements trusted by 300+ leading wallets, websites, and applications to accept payments and defeat fraud.
In this way, Plasma.Finance allows individuals and businesses to buy, sell or exchange digital assets and send or receive cross-border payments, while seamlessly providing direct access to DeFi in a single dashboard. This completes the missing link that connects the underbanked and unbanked population with the DeFi ecosystem to provide them financial services without banks.