One of the first questions asked when someone wants to get into crypto is, “How do I buy it?” Many crypto exchanges worldwide would love to take users’ money, but what some may not realize is that getting fiat onto an exchange can be a cumbersome process. Furthermore, numerous national/international banking regulations need to be followed before dollars are converted to crypto. One company, PlasmaPay, is making this process more comfortable with its existing network of international processors.
Our previous article on PlasmaPay gave broad strokes on its goals to bring DeFi and decentralized banking services to the masses. Packaging traditional services like loans, savings accounts, yield farming, and serving them to the world’s population is not an easy road. In addition to the newness of DeFi and its technological novelty, moving fiat (dollars) into crypto can be daunting for newcomers.
Making It Easy
This year new guidelines were issued, allowing banks to act as custodians for clients’ crypto assets. Despite this welcome news, exchanges still face an uphill battle interfacing with banks. Previous issues have included funds frozen, accounts canceled, and transactions blocked. Just over a year ago, Wells Fargo had a policy forbidding its customers to purchase crypto using Cashapp or Coinbase. Anecdotal evidence appears to show that Wells Fargo has reversed this decision, perhaps due to its recent financial troubles. The above example shows that even when complying with laws and regulations, sometimes getting cryptocurrency is the hardest part.
PlasmaPay is acutely aware of these issues and has spent years cultivating a worldwide payment processor network to keep the above example from happening. Since the team began developing in 2018, it has secured partnerships with banks across Europe and Asia, garnered support from SEPA and SWIFT payment partners, and made an agreement with VISA and Mastercard on providing crypto payments. As of the date of publication, PlasmaPay has onboarded over 100,000 clients in 165 countries.
This kind of reach does not happen overnight. PlasmaPay has adopted several best standards and practices from traditional finance in addition to the above payment processors. From a security standpoint, the company has 2-factor authentication, IP login displays, and allows Social Media ID verification. Furthermore, PlasmaPay does not hold any customers crypto assets; it is non-custodial. This means that any security breach at a company level would not put any clients’ funds at risk. Keeping funds with users is a distinct advantage over traditional financial branches that hold funds on-premise.
While we have discussed getting funds into crypto via PlasmaPay, there are many additional features to explore. As the project continues to grow and thrive, developers will continue to unlock features like a DeFi dashboard, in-platform yield farming, invoice capabilities, and a crypto debit card. These exciting platform additions will be covered in depth. Until then, PlasmaPay will continue to build and push forward in bringing DeFi to the world.
The Daily Chain
*Disclaimer – PlasmaPay is our Media Partner, and this content is made possible with their support. The above article does not represent financial, investment, or trading advice, and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.