World-renowned crypto wallet PlasmaPay has announced plans to enable fiat on-ramps for INJ.
To achieve this, the global crypto wallet and payments dApp has entered into a strategic partnership with Injective Protocol (INJ). Interestingly, the protocol is well-known as the first-ever Layer 2 exchange protocol that opens up the benefits embedded in the decentralized finance (DeFi) sphere.
This partnership is a major step for Injective Protocol (INJ). It will provide INJ with better awareness and adoption. Now interested users will have access to INJ alongside other fiat gateways. They will also be able to easily interact with several DeFi products using a friendly-UX front end.
Injective Protocol further confirmed the partnership agreement via Twitter.
Injective is partnering with @Plasma_Pay to enable fiat on-ramps for INJ 💥
This is a major development towards further adoption of Injective since now users can access INJ with accessible fiat gateways.https://t.co/9x3DA6EJEn
— Injective 🥷 in Lisbon 🇵🇹 (@Injective_) January 21, 2021
Details of the Strategic Partnership
PlasmaPay is a global cryptocurrency wallet and digital payments dApp (decentralized application) that provides fiat on/off ramp services via mobile and desktop apps to users from over 165 countries. Businesses and individuals can use the upcoming PlasmaPay dashboard to exchange, sell, or buy digital assets and send/receive cross-border payments.
According to the official blog post, the partnership is majorly to facilitate the inclusion of INJ on the PlasmaPay cryptocurrency exchange. In addition, it will also allow for easy access to the Injective Protocol (INJ) derivatives platform via the PlasmaPay dashboard.
Speaking on the partnership, Injective Protocol CEO Eric Chen talked about PlasmaPay’s interest in linking conventional finance systems with the DeFi space. He also added that the entire INJ platform is looking forward to the growth and adoption that will be brought on by the partnership with PlasmaPay.
Prior to its partnership with Injective Protocol (INJ), PlasmaPay has also partnered with other top-notch DeFi projects, such as Kylin. Simply put, PlasmaPay’s major aim is to facilitate cross-chain staking and DeFi lending using the same interface. This means interested users will have access to both DEXs and DeFi products via a single interface.
Ilia Maksimenka, CEO of PlasmaPay, also touted support for Injective Protocol, describing it as being at the forefront of creating a truly decentralized exchange. Maksimenka further added that the entire team was pleased with the partnership and looks forward to being actively involved in facilitating global adoption for DeFi.
About PlasmaPay and Injective Protocol
Known as a global cryptocurrency wallet and payments dApp, PlasmaPay boasts of providing fiat on-ramp services in over 165 countries.
The proposed PlasmaPay dashboard will also enable individuals and businesses to buy or sell digital assets. Interestingly, the crypto exchange has its own blockchain named Plasma DLT. The platform hopes to provide the underbanked population of the world with top-notch banking features via DeFi.
Injective Protocol is working on releasing the full potential of decentralized derivatives and cross-border DeFi. It is also supported by several renowned stakeholders like Pantera Capital.
Injective protocol also recently entered a 3-way partnership with TomoChain and DeFi Ramp.
Altcoin Buzz also recently published a two-part in-depth series on PlasmaPay.
At the time of publication, INJ was trading at $9.04, with a market cap of $122,267,778 and a 24-hour trading volume of $34,929,222.
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