Banxa partners with Polkadot to enable global fiat-to-crypto access

Banxa, a global infrastructure provider for embedded cryptocurrencies, announced its integration with the Polkadot ecosystem. This partnership introduces fiat-to-crypto on- and off-ramp regulations, compliance infrastructure, and stablecoin liquidity to Web3 developers and users. This integration aims to improve the accessibility of decentralized applications by bridging the gap between traditional finance (TradFi) and blockchain systems.

This collaboration will enable developers building on Polkadot to add access to fiat currencies and stablecoins directly to their applications. The developed payment network provided by Banxa gives developers the opportunity to onboard users in more than 30 fiat currencies, including USD and EUR. This integration helps with direct access to stablecoins, including USDC and USDT, as well as Polkadot’s native token, DOT.

Banxa strengthens Web3 compliance and accessibility

The Banxa platform provides a turnkey infrastructure designed to ease regulatory and payment processes. It also has built-in KYC and AML systems to ensure your projects are compliant in various jurisdictions. Banxa is licensed in the UK, EU, Canada, Australia, and various states in the US, ensuring a managed operating system worldwide.

The average time it takes for the company to process a new transaction is 18 seconds, and it accepts over 100 payment methods. Its network is available in more than 200 countries and territories, enabling companies to grow and comply with local regulatory requirements. Such infrastructure helps developers avoid complexity and increase the reliability of crypto-related payment solutions.

Expanding the Polkadot ecosystem

Moonbeam, Polkadot’s Ethereum-compatible smart contract platform, has already integrated Banxa’s fiat gateway. This integration supports developers by providing compliant payment solutions and improving user onboarding. There are other decentralized platforms like Bifrost and Hydration that are also using Banxa's services to increase access to liquidity and attract new customers.

Banxa's integration aligns with technology developments at Polkadot, including Agile Coretime and native smart contracts. These are developments that show Polkadot is moving towards a product-oriented ecosystem. The joint venture is estimated to facilitate Web3's expansion by enhancing liquidity, compliance, institutional engagement, and providing secure and regulated access to financials.