Dai Fiat On-Ramp in Development With New Collab Between MakerDAO & Simplex

• MakerDAO has just recently teamed up with the payment processor Simplex in order to create a Fiat on-ramp for its decentralised stablecoin, the Dai.
• The new collaboration between the companies makes it possible to buy the token with the credit and debit cards of partner firms from Simplex.

MakerDAO, a major decentralised finance company has just recently teamed up with the payment processor Simplex in order to create a Fiat on-ramp for its decentralised stablecoin, the Dai.

According to an announcement on the 3rd of March, the new collaboration between the companies makes it possible to buy the Dai token with the credit and debit cards of partner firms from Simplex. The business development representative in Europe for MakerDAO, Gustav Arentoft said the following on the partnership:

“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 one of the biggest players in the decentralised finance space and is one of the organisations behind the Dai stablecoin, which is based on a complex system of smart contracts based on Ethereum.

Speaking to Cointelegraph, a spokesperson for Simplex said that it was MakerDAO that got in touch to initiate the contract and that many crypto teams are looking to develop an on-ramp distribution network in the future. 

He said the following when asked about the expected outcome for the partnership:

“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.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!