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Simplex Partners with Kava to Provide Instant Fiat-to-DeFi Gateway for Cross-Chain Assets

Place/Date: - June 22nd, 2021 at 1:00 pm UTC · 3 min read
Source: Simplex

Simplex, the largest fiat infrastructure for digital currencies globally, and Kava, the multi-asset DeFi platform, are joining forces to provide the first “Fiat-to-DeFi” ramp for users of Kava and other DeFi lending platforms on the Kava blockchain.

Simplex is the largest provider of secure fiat-to-crypto infrastructure, enabling users to transfer their funds from debit and credit cards into crypto nearly instantly. Simplex is the provider underpinning many fiat onramps on leading exchanges such as Binance, Huobi and BitPay.

Kava is one of the fastest-growing DeFi platforms with over 250,000 users. Based on the Cosmos SDK, the Kava blockchain specializes in providing a curated DeFi experience, leveraging the cross-chain capabilities of the Cosmos tech stack to offer assets such as Bitcoin, XRP, BNB and DOT for trading, lending and yield farming.

Ari Last, VP Business Development at Simplex, said:

“We’re delighted about this new partnership with Kava.io which will give millions of users worldwide a simple and convenient way to purchase KAVA.”

In May, Kava announced the launch of the highly anticipated Kava Swap platform, which is set to complete their combined offering to cover all major DeFi primitives. Kava’s flagship product is a lending platform for the issuance of USDX, Kava’s decentralized stablecoin, while the subsequent Hard Protocol enables two-sided money markets for assets like BTC, KAVA, BNB and XRP. This integration with Simplex, together with the upcoming release of Kava Swap, guarantees an explosive growth for the Kava ecosystem.

Aaron Choi, Vice President Global Business Development at Kava, said:

“Kava Labs is dedicated to reducing friction and continuously improving our users’ experience so they can purchase KAVA safely and easily around the world. Our partnership with Simplex provides for a simple and streamlined way to use credit or debit cards to buy KAVA and gain access to all of the assets on the Kava chain.”

About Simplex

Simplex is the fiat/crypto infrastructure for the entire world. Powerful, seamless, and impactful, Simplex has been changing the status quo of crypto on/off ramps since 2014. As the market leader, we pioneered the first riskless global fiat onramp using a credit and debit card, which promises a zero chargeback guarantee. Simplex Banking offers the Simplex fraudless payment processing, with global payment accessibility. Working alongside the biggest names in the crypto ecosystem, including Binance, Huobi, Bitpay, Simplex provides the complete fiat infrastructure for the cryptocurrency ecosystem. As a licensed EU financial institution and a Principal Member of the Visa network, Simplex was selected as one of the 10 most impactful companies in blockchain in 2020. Keep up with the latest Simplex news by following us on Twitter or visiting the website.

About Kava

Kava is a multi-asset DeFi platform that offers stablecoins, loans, and other financial services for users of major cryptocurrency assets including BTC, XRP, BNB and ATOM to name a few. The Kava platform has three types of tokens, the KAVA token, HARD token and the USDX stablecoin where the KAVA token is the native token of the Kava blockchain integral in the security, governance, and mechanical functions of the platform. Users can collateralize their crypto assets in exchange for Kava’s stablecoin, USDX. Kava’s stablecoin provides a high interest yield earning users more than they would with a traditional cash or savings account at a bank, but unlike traditional savings accounts.

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