Bifrost is pleased to announce its partnership with PlasmaPay, a global cryptocurrency wallet and digital payments DApp (decentralized application) that provides fiat on/off ramp services via mobile and desktop apps to users. On-ramp in crypto refers to an exchange or other services where you can offer fiat money in return for cryptocurrency. Off-ramp is the exact opposite — it is a way to convert your cryptocurrency into fiat. In other words, PlasmaPay is a cryptocurrency wallet and exchange that works with various Electronic Money Institutions (EMI) and banks to support both crypto and fiat money.
The current problem of the DeFi ecosystem is that it is still inconvenient for mass users to use crypto and fiat payment services, creating a friction point that complicates the tech adoption. PlasmaPay, built on its own public blockchain tech called the Plasma DLT (distributed ledger technology), aims to be the missing link that connects the underbanked and unbanked population with the DeFi ecosystem to provide them financial services without banks.
Ilia Maksimenka, CEO of PlasmaPay said:
“We are very excited about this partnership with Bifrost. Through its help, we will be able to offer our services to more users in highly blockchain-friendly markets, such as South Korea. Meanwhile, Bifrost’s contribution to the interoperability of blockchain technology is something that will undoubtedly help move this industry to its next stage of development.”
This partnership will help with the growth of Bifrost and PlasmaPay both as a company and implementation of our technologies. Bifrost’s multichain technology and interoperability of blockchain networks, along with Plasmapay’s integration of digital payment and financial services are set to become a powerful tool in revolutionizing the DeFi ecosystem. Bifrost and PlasmaPay ultimately strive for the same goal — to bring DeFi to the masses — and we are working to build a decentralized financial infrastructure to bring new and robust experiences for users.
Strategic partnerships are essential for DeFi services to adapt to the constantly changing DeFi climate and assess the best way to move our fields forward. Bifrost will continue to work with the highest quality companies in the industry to bring a trusted and transparent financial system for everyone.
About Bifrost
Bifrost is a middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. Bifrost is not restrained to a single Blockchain, and creates a new environment where developers can combine the best protocols. Developers are able to use Bifrost to develop a substantially more scalable and flexible DApp by selecting the target blockchain on Bifrost.
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