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

Major decentralized finance player MakerDAO partnered with payment processor Simplex to create a fiat on-ramp for its 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.

"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 is in MakerDAO's protocol.

One of many crypto partnerships for SimplexSimplex is a European Union-licensed financial institution with over 100 partners that support 13 different cryptocurrencies and 19 different fiat currencies.

Simplex already supports Bitcoin, Binance USD, Stellar, Litecoin, Ether, XRP, Binance Coin, Bitcoin Cash, Tron, Cosmos, DASH and NANO.In mid-February, cryptocurrency lending startup Celsius Network launched in-app crypto purchases through a partnership with Simplex.

"We have seen a dramatic effect on demand and prices with other crypto's that's been added to our network. Simplex is becoming a global multi currency on-ramp network."

The rise of DeFi solutionsAccording to DeFi Pulse, the value of the assets locked in decentralized finance applications increased by over 186% compared to one year ago.

A recent Cointelegraph analysis shows that DeFi is emerging as a possible alternative to traditional finance.