You Can Now Buy DPI with Fiat: Index Coop Integrates with Transak
TL;DR:
You can now buy the DeFi Pulse Index (DPI) using British Pounds, Euros and Indian Rupees. Visit Index Coop website to check it out.
DeFi Pulse Index (DPI) has seen considerable growth over the last few months, driven by positive sentiment towards DeFi and strong fundamentals of many DeFi tokens. Assets Under Management (AUM) are over $100 million, up more than 3x since the beginning of the year alone. Other metrics also reflect this growth. For example, the number of unique addresses holding DPI has recently exceeded 10,000, up nearly 100% since the beginning of the year.
Current Roadblocks to Wider Adoption
One of the goals of the Index Coop is to make crypto financial products more accessible to the average investor. This is easier said than done.
One of the current roadblocks to wider adoption is lack of availability on centralised exchanges (CEXs). CEXs have been slow to list decentralised index products like DPI, and to date, no index product is listed on a CEX. Because they represent the most straightforward path from fiat to crypto, lack of CEX listings introduces a significant hurdle for an average investor.
For the time being, DPI can be bought with fiat through some mobile wallets, like Dharma, but for many investors outside of the DeFi ecosystem, DPI remains effectively off-limits. Now, we are working hard to make DPI available on CEXs and cultivate other fiat on-ramp solutions. To that extent, we have released $100,000 in funds to pursue CEX listings which would help expedite the process and allow Index Coop community members to actively prioritise this without worrying about bureaucracy.
Enabling DeFi Pulse Index Purchases with Fiat
The Index Coop has partnered with Transak, a global aggregator of fiat on and off-ramps, to enable direct purchases of DPI with British Pounds, Euros and Indian Rupees. We are thrilled to announce this integration as the next step in making crypto assets more accessible to all.
Transak is a global fiat-to-crypto payment gateway supporting a wide range of fiat on-ramps. In particular, bank transfer payment options for those in the UK, Europe and India substantially simplify and streamline the process of buying DPI with cash. Current per bank transfer limits are 10,000 pounds for the UK, 10,000 euros for the EU and 1,000,000 rupees for India, per week.
“Index Coop is stripping away all of the complexity of DeFi and packaging it in one single asset, which is the DPI. This is very much aligned with Transak’s mission. Both Index and Transak are committed to make DeFi more accessible and simpler for a broader audience. Enabling customers to buy DPI with Fiat is just a first step towards our common goal as we have very ambitious plans for this exciting partnership.” — Sami Start, Transak Co-Founder and CEO
Transak’s easy to use fiat gateways have found product-market fit, as users have rushed to the crypto ecosystem in volume.
Transak’s fiat gateway solution will grow the user base of DPI and make it easy for anyone with a bank account or a credit card to gain exposure to DeFi.
For more information and to get involved please visit our:
About Transak
Transak is a global fiat-to-crypto payment gateway. It allows businesses to onboard more users to Crypto and DeFi, integrating local compliance, payment methods, and liquidity from around the world. Transak is backed by Consensys, The LAO, Lunex, and Koji Capital.
About Index Coop
Index Coop is a collective aimed at creating and maintaining the best crypto indices on the market. As the first flagship product, the Coop has created the DeFi Pulse Index that provides broad DeFi exposure for its users by holding one token.
