Popular DeFi platform RAMP DEFI, in recent times, has been in the limelight for all the right reasons. This time around, the DeFi platform has announced a strategic partnership with blockchain-based payment solution e-Money.
The RAMP DEFI partnership with e-Money is aimed at introducing a fiat-to-DeFi gateway for crypto users. According to an official blog post, the partnership will provide people with fiat direct access to RAMP and rUSD services. On the flip side, crypto enthusiasts holding RAMP/rUSD will also enjoy unrestricted access to e-Money’s fiat-backed digital currencies. It should be noted that e-Money has a wide array of fiat-backed digital currencies, including eEUR, eCHF, eNOK, eSEK, and eDKK.
Many schools of thought view traditional finance and decentralized finance as competitors. However, blockchain platform e-Money doesn’t hold this same notion. The Danish blockchain platform is focused on building a bridge between the decentralized finance space and traditional finance. Hence, its partnership with RAMP DEFI to build a fiat-to-DeFi gateway.
All digital currencies on e-Money are backed by actual fiat currencies. In simple terms, they are only a digital representation of respective fiat currencies. However, users can earn interest by simply holding them. Interestingly, the blockchain payment platform is built on Cosmos and will be audited by E&Y to confirm proof-of-funds.
Partnership To Link DeFi and Digitized Fiat
The partnership between RAMP DEFI and e-Money is fascinating. The partnership will facilitate the seamless and hitch-free flow of liquidity between both platforms. While e-Money will be focused on the fiat-backed money markets, RAMP DEFI will facilitate the collateralizing of crypto assets. The assets may be staked or modified into the rUSD stablecoin. The stablecoin (rUSD) can then be swapped into fiat-backed digital currencies like eEUR, eCHF, eSEK, eNOK, eJPY, eUSD, and eGBP on e-Money’s DEX. This process makes it possible for the stablecoin (rUSD) holders to change their funds back to fiat while still earning staking rewards on it.
Lawrence Lim, RAMP DEFI project coordinator, disclosed that the partnership will help bring fiat and DeFi together, making it possible for interested persons to easily join the DeFi space. The ease of onboarding brought on by the partnership will furthermore serve as a growth boost for both platforms.
Martin Dyring-Andersen, CEO of e-Money, disclosed that his team actively looks forward to working with RAMP DEFI. He further added that the platform “offers a novel way to unlock liquid capital from staked digital assets.”
About e-Money and RAMP DEFI
The e-Money protocol issues a wide range of fiat currency-backed stablecoins. Each token is backed by a reserve asset of its underlying currency. The blockchain-based platform currently supports the Euro, Swiss Franc, Swedish Krona, Norwegian Krone, and the Danish Krone (DKK). Plans are in place to launch several other fiat-backed digital currencies this year.
Other exciting partnerships expected this year include strategic integration with Ethereum, Cosmos Hub, and Avalanche.
RAMP DEFI, on the other hand, is focused on unlocking liquidity from staked assets. With RAMP DEFI, users will be able to unlock their liquid capital and reinvest it while still earning staking rewards.
Interestingly, RAMP DEFI recently entered a 3-way partnership with TomoChain and Injective Protocol. It also recently added funds to its Buyback wallet.
At the time of publication, RAMP was trading at $0.331083, with a market cap of $44,516,674 and a 24-hour trading volume of $8,547,104.
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