EIP-1559 is a core proposal to improve the efficiency of the transactions through the Ethereum network. Once implemented, the proposal will modify the ETH transaction process to a two-fee mechanism. A base fee amount, adjusted up and down by the Ethereum protocol, based on the congestion of the Ethereum network. A priority fee amount, used […]
Bridging Fiat and DeFi with the SelfKey Wallet
The latest version of the SelfKey Wallet, allows users to purchase KEY tokens using their credit/debit cards. The integration with MoonPay thus allows SelfKey users to easily convert their fiat currencies to crypto, resolving a primary obstacle for an average user seeking to enter the DeFi space.
DeFi has had an impact not just on the crypto industry but the larger financial industry as a whole.
Unlike the traditional centralized financial industry, DeFi essentially provides users all around the world with access to a wide variety of financial tools.
The fundamental properties of DeFi allow the participation of users who might otherwise not have access to the traditional financial industry. The increase in the number of such users has allowed actors in the DeFi space to explore and address unique problems that were overlooked previously.
However, users need to first have access to crypto (particularly stablecoins) in order to access DeFi and the financial tools it offers.
One of the main obstacles to this is the fact that the conversion of fiat currencies to crypto has not always been straightforward. Users usually have to go through a rigorous set of KYC and be onboarded by an exchange. Traditional banks have also not been welcoming when it comes to converting fiat to crypto.
Also, even if users do find a way to transact with crypto exchanges, these conversions can often be tedious and time-consuming for an average user.
The good news is: that’s all about to change!
What if users can exchange their fiat currency to crypto from within a Wallet that allows them to store crypto as well as their personal data and documents securely?
Introducing the SelfKey Wallet with MoonPay integration.
In the past, the SelfKey Wallet has allowed users to securely store and manage ERC-20 tokens, as well as their personal data and documents.
Through the SelfKey Marketplace, users have also been able to utilize a variety of financial services, such as:
- Offshore banking
- Incorporations for businesses
- Registering for exchanges
- Registering for loans platforms
- And more.
With the latest update, SelfKey Wallet users can now buy KEY tokens directly from the SelfKey Wallet.
The latest version of the SelfKey Wallet integrated with MoonPay, allows SelfKey Wallet users to purchase KEY tokens using their credit/debit cards.
The integration with MoonPay thus allows SelfKey users to easily convert their fiat currencies to crypto, resolving a primary obstacle for an average user seeking to enter the DeFi space.
The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!
Easy bridge to DeFi
As mentioned earlier, the difficulty of converting fiat currency to crypto is often the primary obstacle for users who want to access the DeFi space.
With the MoonPay-integrated SelfKey Wallet, users can now convert fiat to crypto with ease.
However, using DeFi-related products and managing DeFi assets also require users to move from dApps to dApp.
The KeyFi platform is a DeFi aggregator platform that lets users take control of their DeFi portfolio.
Moreover, users with SelfKey Credentials can earn KEYFI, the native token of the KeyFi platform, as rewards for staking KEY token and KEYFI LP tokens.
The KeyFi platform efficiently makes it easy for users to manage most of their DeFi assets from one place, effectively resolving the second obstacle for an average user.
The latest version of the SelfKey Wallet has been developed to resolve a long-standing request from our community.
With the MoonPay-integrated SelfKey Wallet, users can now buy KEY tokens using their debit/credit cards from within the SelfKey Wallet.
Moreover, with the recent rise in DeFi’s popularity, there has been an increase in the number of new users who are not very familiar with crypto exchanges but want to use DeFi products.
The latest version of the SelfKey Wallet will benefit many new users since users can now easily convert their fiat currencies to crypto and use a platform like KeyFi to manage all the DeFi assets in one place.
As a result, we believe that the latest version of the SelfKey Wallet will make it easier for our users to transition between fiat, crypto, and DeFi with ease.