allinn, Estonia – November 11, 2020 – PlasmaPay, a global payment and remittance platform enabling seamless entry into decentralized finance, has announced a strategic partnership with Elrond, the internet-scale blockchain. The partnership will see Elrond integrate PlasmaPay’s fiat onramp solution, providing decentralized finance (DeFi) opportunities for users by enabling them to quickly and easily purchase eGold using a credit card.
Beniamin Mincu, CEO of Elrond, said, “Great user experiences are sure to drive DeFi adoption faster than the technical advantages of the underlying blockchain environments. PlasmaPay’s existing products and concepts already prioritize good UX, which makes them an ideal fit for Elrond blockchain’s unique capabilities and a potential growth accelerator for eGold adoption.”
This partnership will initially incorporate Elrond’s eGold ($EGLD) with PlasmaPay’s extensive fiat onboarding product, Crypto Checkout, which allows users in 160+ countries to buy eGold directly with a credit card. The long-term collaboration will focus on full integration of Elrond services, including the Elrond wallet, into PlasmaPay’s decentralized financial infrastructure, integrating Elrond decentralized apps (Dapps) into PlasmaPay. Delivering interoperability with Plasma DLT, eGold & Elrond assets will also be tradeable via Plasma DEX.
Commenting on the partnership, Ilia Maksimenka, CEO of PlasmaPay, said, “Our partnership is forged on a combined steadfast commitment to bolster the burgeoning DeFi market and provide best in class crypto assets. Providing a seamless experience is paramount to finally bridge the gap between technology and society; this collaboration will bear tangible benefits for both Elrond and PlasmaPay users, and bring even greater utility to PlasmaPay. Elrond is not afraid to think big, and it is exactly this kind of partner that PlasmaPay needs if we are to secure our vision of bringing DeFi to the masses.”
Providing fiat on/off ramp services to more than 100,000 cryptocurrency users from over 165 countries via mobile and desktop apps, PlasmaPay is building a blockchain ecosystem that will enable users to easily enter the cryptocurrency space and participate in DeFi activities across multiple chains from a single interface. PlasmaPay 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. Its mission is to create an open, intuitive financial platform allowing the world to unlock the full potential of blockchain technologies.
Elrond is a technology ecosystem for the new internet. Its smart contracts execution platform is capable of 15,000 TPS, 6s latency and $0.001 tx cost, focused on fintech, DeFi and IoT.
The Elrond Proof of Stake economic model has a limited supply; its token is named eGold to convey the notion of digital store of value to the next billion users. Elrond is built by a team of entrepreneurs, along with 13 engineers and researchers who have worked at various tech companies, such as Microsoft, Google, Intel, and NTT DATA, and have experience working with blockchain platforms.
PlasmaPay is a global payment and remittance platform for consumer and commercial use providing fiat on/off ramp services to more than 100,000 cryptocurrency users from over 160 countries via mobile and desktop apps. Headquartered in Tallinn Estonia, PlasmaPay 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. CEO and Co-Founder Illia Maksimenka, along with the distributed team of cybersecurity developers, economists, and crypto enthusiasts are dogmatic in their mission to create an open, intuitive financial platform allowing the world to unlock the full potential of blockchain technologies.
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Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
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