e-Money and RAMP Partners To Power Fiat-To-DeFi Liquidity Bridge For Crypto Users
We are happy to share that RAMP is partnering up with e-Money to provide users holding traditional fiat to directly access RAMP and rUSD through e-Money’s fiat-to-digital currencies channel, and for RAMP / rUSD holders to directly access fiat-backed digital currencies including eEUR, eCHF, eNOK, eSEK and eDKK which are supported on the e-Money network.
e-Money is a blockchain-based payment platform built by Danish company e-Money A/S which is aimed at creating a platform that can bridge blockchain with the traditional financial system. Built on Cosmos, e-Money supports a range of fiat-stablecoins which are fully backed with actual bank deposits and government bonds and are also interest bearing.
e-Money is already working with multiple banks to hold its stablecoin deposits. The fidelity and transparency of e-Money stablecoins will be ensured by E&Y quarterly audits to ensure Proof of Funds.
Bridging Staked Liquidity with Digitalized Fiat
This partnership between e-Money and RAMP is extremely exciting and interesting because it creates liquidity channels that can allow seamless capital movements between e-Money’s fiat-backed money markets and RAMP’s DeFi collateralized liquidity solution.
RAMP solution focuses on collateralizing crypto assets, while held in staking, into rUSD, a DeFi stablecoin that can be deployed into DeFi yield protocols for additional returns.
rUSD holders can swap into fiat-backed digital currencies including eEUR, eCHF, eSEK, eNOK, eJPY, eUSD, and eGBP on e-Money’s decentralized exchange, allowing rUSD holders to “fiat-out” while still earning staking rewards on their underlying assets portfolio.
“We expect this partnership to open a direct channel between fiat and DeFi, making it easy for users who have yet to experience the power of DeFi to come onboard in a smooth, effortless manner, and enter RAMP’s liquidity ecosystem easily. This will definitely be a growth engine for RAMP ahead.” said Lawrence Lim, Project Lead for RAMP DEFI
At the same time, fiat users on e-Money can now have a direct channel into DeFi via rUSD and our various stablecoin liquidity pools. Using their digitalized fiat currencies, they can seamlessly trade into rUSD, USDT, USDC, DAI where required via RAMP’s liquidity protocol for participation into the DeFi ecosystem.
“RAMP DeFi offers an novel way to unlock liquid capital from staked digital assets. We’re excited to work with the RAMP team to seamlessly onboard fiat users to their decentralized finance platform, thereby enabling a wider audience to access innovative DeFi services.” commented Martin Dyring-Andersen, CEO of e-Money.
To further cement this partnership, users can expect to also deposit NGM tokens as a collateral asset into rUSD minting, with NGM deposits re-delegated into the native NGM staking for yield by RAMP’s non-custodial liquidity unlocking solution. This allows NGM users to stack multiple income streams, and empower greater capital productivity on their staked assets.
The e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins reflecting various world currencies. Each token is backed by a reserve of assets denominated in its underlying currency. e-Money currently supports the Euro (EUR), Swiss Franc (CHF), Swedish Krona (SEK), Norwegian Krone (NOK) and the Danish Krone (DKK) with a host of additional currencies pegged for release in 2021. The project is dedicated to total transparency with quarterly reserve audits performed by Ernst & Young.
Unlike most existing stablecoins which aim to maintain a static 1:1 peg with their underlying assets, the value of e-Money’s currency-backed tokens continually shifts in line with the interest accrued on the reserve assets. This means that holders benefit from the interest accrued on their assets while they sit securely in your wallet. The e-Money blockchain supports instant payments at scale and includes a DEX for easy conversion between currencies. e-Money expects to integrate with Cosmos Hub, Ethereum and Avalanche in the first half of 2021.
Join the RAMP DEFI Community
Backed by world-class investors, RAMP DEFI is a global decentralized finance solution that focuses on unlocking liquid capital from staked digital assets. Using the RAMP solution, users with staked assets can continue to receive staking rewards, retain capital appreciation potential on their staked portfolio, and unlock liquid capital to invest in new opportunities at the same time.
The total staking market cap as of today is over USD124 billion, and as the industry-leading solution, RAMP DEFI has a vision of unlocking USD1 billion or more in “Total Value Unlocked (TVU)” for users by end 2021.