Access to the world of DeFi has just expanded through Banxa’s partnership with one of the largest decentralized exchanges (DEX) in the world, dYdX. Banxa will act as the crypto on-and off-ramp solution for ease of fiat-to-crypto conversion to streamline the process of trading on the DEX. As a leading stablecoin, USDC plays a vital role in the decentralized finance ecosystem. This partnership will create greater access for DEX users to purchase USDC directly with the payment method of their choice.
In the past, in order to trade on a DEX one had to first convert their fiat into crypto, and most would choose to do so through a large centralized exchange like Coinbase. After going through a centralized exchange, they would then send their crypto tokens to a wallet such as Metamask, move those tokens onto a DEX, and then actually execute subsequent trading.
The on-ramp that Banxa provides cuts out these steps and allows users to seamlessly move fiat funds on chain without the inconvenience of the many steps historically required by other platforms. Offering more global and direct local payment options than any other on-and-off-ramp solution, Banxa is the premier institutional infrastructure ramp for centralized exchanges, and is trusted by Binance, KuCoin, OKX, Bitmex, and many others.
There continues to be movement towards decentralized exchanges, and Banxa is helping facilitate that transfer via its seamless embeddable payments infrastructure. The trend towards complete decentralization encompasses the spirit that has driven innovation in blockchain payments. With a vast network of compliant local payment solutions, Banxa helps with that transfer from centralized to decentralized and has laid the foundation for this transition.
“We are eager to work with dYdX and provide the critical on/off ramp infrastructure required to support the shift in user demand from centralized exchanges to decentralized exchanges,” said Josh D’Ambrosio, Chief Commercial Officer at Banxa. “As one of the most established decentralized exchanges, dYdX is uniquely positioned to democratize access to trading and ultimately accelerate the mass adoption of decentralized finance.”
Key benefits from this partnership include:
Simplification: The partnership will make it easier for users to access USDC and complete transactions on dYdX.
Payment Methods: Users can purchase USDC using bank transfers, credit cards, and other local payment methods at equivalent costs to their local centralized exchanges.
Currently, 90% of Banxa’s volume today comes from centralized exchanges, but partnering with industry leaders like dYdX opens doors beyond trading to wallets, NFT platforms and other blockchain based tools that require the movement of funds on chain. The Banxa and dYdX partnership is now live with zero fee spread as an introductory offer.
Banxa has established a best in class product in the centralized world, but now is set to provide that same product in the decentralized world (Wallets, DeFi, Gaming, NFT Marketplaces and other dApps), expanding crypto adoption to new heights.