PlasmaPay partners with Elrond to enhance DeFi functionality

PlasmaPay has integrated its fiat onramp services onto Elrond's native, proof-of-stake, blockchain, according to a press release shared with Coin Rivet.

Global payment and remittance platform, PlasmaPay, has announced a strategic partnership with Elrond, a secure proof-of-stake blockchain.

Elrond will now integrate PlasmaPay’s fiat onramp solution that will provide a range of unique DeFi opportunities for users.

Notably, it will allow them to purchase Elrond’s eGold ($EGLD) using a credit card in unison with PlasmaPay’s onboarding product.

Beniamin Mincu, CEO of Elrond, said: “Great user experiences are sure to drive DeFi adoption faster than the technical advantages of the underlying blockchain environments.

“PlasmaPay’s existing products and concepts already prioritise good UX, which makes them an ideal fit for Elrond blockchain’s unique capabilities and a potential growth accelerator for eGold adoption.”

The partnership will allow more users from more than 165 countries gain exposure to the DeFi industry with PlasmaPay’s fiat on ramp, which will in turn drive liquidity across the DeFi sector across multiple chains.

Commenting on the partnership, Ilia Maksimenka, CEO of PlasmaPay, added: “Our partnership is forged on a combined steadfast commitment to bolster the burgeoning DeFi market and provide best in class crypto assets.

“Providing a seamless experience is paramount to finally bridge the gap between technology and society; this collaboration will bear tangible benefits for both Elrond and PlasmaPay users, and bring even greater utility to PlasmaPay.

“Elrond is not afraid to think big, and it is exactly this kind of partner that PlasmaPay needs if we are to secure our vision of bringing DeFi to the masses.”

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