Global payment and remittance platform PlasmaPay has announced a strategic partnership with decentralized crypto bank Kava Labs.
PlasmaPay is a global payment and remittance platform for consumer and commercial use providing fiat on/off ramp services to more than 100,000 users from over 160 countries via mobile and desktop apps. It uses blockchain technology to allow users to securely store crypto and fiat currency, buy and exchange digital assets, send and receive cross-border payments, and build payment networks with zero transaction fees. The company’s DeFi ecosystem allows the underbanked and unbanked population access the financial services without an intermediary.
Kava is a decentralized bank for digital assets providing users with stablecoins, loans, and interest-earning opportunities. Its platform offers decentralized leverage and hedging of major digital assets such as BTC, ATOM, and BNB, built by Kava Labs. The first DeFi application built within the Cosmos ecosystem, Kava aims to bridge the crypto economy and traditional collateralization processes through the issuance of USDX, a US dollar-pegged stablecoin loan in proportion to digital assets collateralized. Using a system of smart contracts, Kava enables users open access to loans and algorithmically managed stablecoins backed by crypto assets— empowering digital asset owners with user-friendly DeFi services, making them more accessible than ever before.
The partnership will see full integration of the Kava Protocol into PlasmaPay, allowing PlasmaPay users to purchase Kava tokens, including KAVA, HARD, and USDX, and store them on the PlasmaPay wallet. The long-term collaboration will focus on full integration of Kava’s services, including the Kava wallet, into PlasmaPay’s decentralized financial infrastructure. PlasmaPay will also support Kava’s lending and staking protocols on Plasma Finance, allowing integration to the PlasmaPay DeFi Dashboard.
“With Bitcoin currently enjoying a bull run akin to 2017 highs, interest in decentralized finances is as high as it’s ever been – migrating beyond the cryptocurrency enthusiast into the mainstream,” said Ilia Maksimenka, CEO of PlasmaPay. “At PlasmaPay we are dogmatic in our mission to bring DeFi to the masses. Adding protocols such as Kava to our repertoire is a continuation of our work to provide access to best-in-class assets for our users.”
“I’m excited to bring HARD, USDX and KAVA to the 100,000 users across 165 countries that are currently being served by PlasmaPay’s wallet,” said Brian Kerr, CEO of Kava. “The ability to buy crypto directly on the PlasmaPay wallet with a credit card opens up endless opportunities for anyone to easily access digital assets simply by downloading an app and entering their credit card information.”
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