PlasmaPay Made It Easier
When we want to buy cryptocurrency, the first question that arises is: How can I buy it?
Entering currency for exchange can be a tedious process. In addition, many national and international banking regulations must be followed when converting USD to cryptocurrency. PlasmaPay makes this process more convenient with its existing international network.
Previous articles have outlined the goal of providing DeFi and decentralised banking services to the general public. Providing traditional services such as loans, savings accounts, etc., to people around the world is not easy. Aside from the freshness and technological novelty of DeFi, converting fiat currency (USD) to cryptocurrency can be a daunting task for newbies.
New regulations were introduced this year allowing banks to act as custodians of clients' crypto assets. Despite this good news, exchanges are still facing tough battles with banks. Previous issues included freezing funds, closing accounts, and blocking transactions. Just over a year ago, Wells Fargo Bank introduced a policy prohibiting its customers from using Cashapp or Coinbase to buy cryptocurrencies. Anecdotal evidence suggests Wells Fargo reversed the decision, possibly due to recent financial problems. The example above shows that even if you comply with laws and regulations, sometimes getting cryptocurrency is the hardest part.
PlasmaPay is well aware of these issues and has spent several years building a network of payment systems around the world to prevent the aforementioned examples from appearing. Since the team began its development in 2018, it has established partnerships with European and Asian banks, received support from SEPA and SWIFT payment systems, and reached agreements with VISA and Mastercard to provide payments in cryptocurrency. At the time of launch, PlasmaPay has over 100,000 customers in 165 countries.
Success doesn't come overnight. In addition to the payment systems listed above, PlasmaPay also employs several of the best standards and practices in traditional finance. From a security standpoint, the company has two-factor authentication, IP address mapping, and the ability to verify ID on social media. In addition, PlasmaPay does not store clients' crypto assets. This means that any security breach at the company level will not jeopardise clients' funds.
Despite the ease of depositing funds through PlasmaPay, there are many nuances that need to be further explored. As the project continues to grow and thrive, developers will continue to expand the DeFi dashboard, in-platform revenue farming, billing features, and cryptocurrency debit cards. These platform additions will be detailed in the future. PlasmaPay is interested in the development and promotion of DeFi in the world.
The material was prepared by an anonymous author from open sources.