A conversation with PlasmaPay about wallet and fiat ramp infrastructure for the Casper Network, from our February 24, 2021 community call.
On our last community call in February, we talked about our partnership with PlasmaPay, a global digital payment platform enabling seamless entry into decentralized finance. PlasmaPay founder and CEO Ilia Maksimenka joined the call, along with Medha Parlikar, Neil Kapoor, and Ashok Ranadive from CasperLabs. On the call, the group discussed the partnership with PlasmaPay and the future of DeFi on Casper.
How does PlasmaPay help to make DeFi accessible and what value proposition does PlasmaPay bring?
Ilia: Our main mission is to build a convenient UI/UX for retail users and mass adoption. We’ve been working on PlasmaPay for the past three years. Right now, we’re working with Visa and Mastercard, banks, and e-wallets all over the world. One of the first stages of our partnership and integration with Casper will provide an on-ramp for fiat and banks with the Casper ecosystem. Using our infrastructure, the community will be able to purchase Casper tokens and other tokens that will be built on the Casper blockchain with just a credit card.
How do you see the fiat on-ramp working?
Iliya: Currently, we are mostly using Ethereum’s infrastructure because this is a core DeFi ecosystem and most of the liquidy exists. We are building a bridge with one of our solutions called the hyperloop. This will bridge the Ethereum, Binance, and the Casper blockchains. With this bridge, we will be able to move liquidity and tokens between these blockchains. The second step for us will be to build decentralized exchanges on the different blockchains and bridge them.
Another big part of this partnership is wallet integration. One of the major goals for the new blockchains is to spread their infrastructure across different levels with the different partners and to support the Casper wallet with our official PlasmaPay application.
What feature of PlasmaPay puts it ahead of its competitors?
Iliya: Our competitive advantage is that we’re combining the fiat and cryptocurrency accounts in one place. Also, the cryptocurrency account is non-custodial and this is the first time in the market that a company can combine both a fiat payment system with a blockchain account.
When are we expecting Casper on PlasmaPay?
Iliya: It depends on how deep the integration is. If it is just a wallet integration, we’ll just have to set up a node of Casper and do a very basic integration but if it is a deeper integration like using CSPR for the actual payments can a couple of months.
Performance, hardening, and production engineering work. These are optimization to make the protocol more performant and robust.
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