Cryptocurrency payments specialist MoonPay has teamed up with the decentralized exchange Matcha to launch a decentralized finance platform (DeFI) that accepts fiat currency.
This will allow traders to convert digital currency into fiat currency directly on the DeFI platform and start trading immediately, according to a statement from the two companies.
While this has been possible on centralized exchanges, decentralized exchanges (DEX) have not previously offered a direct way to buy cryptos with fiat currencies.
“The partnership takes away one of the most frustrating parts of DeFi: getting started,” the statement read.
Moonpay’s integration with Matcha will allow the platform to accept more than 100 fiat currencies, the companies said.
Matcha allows its users to trade over 1,000 crypto tokens on Ethereum, Binance Smart Chain or Polygon blockchains.
MoonPay’s “non-depository, currency agnostic payment infrastructure” is in service in over 160 countries and will provide payment connectivity for the Matcha platform for over 90 cryptocurrencies.
Moonpay CEO and Co-Founder Ivan Soto-Wright said, “Decentralized exchanges create new opportunities for crypto, but previously the experience was clumsy. Our integration with Matcha democratized DEXs to make it easy for traders to convert fiat currency to crypto.