Glue Network, a user-centric blockchain ecosystem dedicated to making decentralized finance accessible to all, today announced a partnership with Banxa, a leading global fiat-to-crypto gateway provider. This collaboration brings fiat onramp services directly to Glue's Layer 1 (L1) blockchain, eliminating reliance on centralized exchanges and fundamentally changing how users interact with decentralized finance (DeFi).
The integration effectively circumvents the need for users to interact with centralized exchanges for fiat-to-crypto and crypto-to-fiat transactions. By providing direct on-ramps at the blockchain's base layer, Glue reduces exposure to potential security risks and maintains complete control over their funds throughout the transaction process. While the initial launch will focus on fiat-to-crypto on-ramp solutions, Glue plans to introduce off-ramp capabilities in future updates, further enhancing the ecosystem's functionality.
The integration of Banxa's services at the L1 level allows users to interact with any decentralized application (dApp) on the Glue network using traditional payment methods like credit cards or bank transfers, all without leaving the blockchain ecosystem. This implementation streamlines the user journey from fiat to crypto and back, reducing friction in DeFi interactions and facilitating activities like yield farming, liquidity provision, decentralized trading, and borrowing/lending.
Recent events have highlighted risks associated with centralized control in some blockchain ecosystems, where user funds have been frozen. Glue's design principles and governance model aim to prevent such scenarios.
"Our decentralized architecture is fundamental to our commitment to user security," said Ogle, Founder of Glue. "We've designed Glue Network in a way that structurally prevents the freezing of user funds, ensuring that users always maintain control of their assets. By integrating Banxa's fiat services at the L1 level, we're making it easier than ever for users to enter and navigate the DeFi space."
The L1 fiat integration offers several key benefits:
- Users can move from fiat to crypto within a single, cohesive ecosystem.
- Every dApp built on Glue can leverage this fiat on/off-ramp without additional integration, lowering barriers to entry for both developers and users.
- By keeping users within the decentralized ecosystem for fiat transactions, overall platform security is improved.
This approach is part of Glue's comprehensive strategy to offer a complete decentralized financial ecosystem. The integration leverages a powerful tech stack: LayerZero provides secure bridging capabilities, Stargate ensures USDC cross-chain liquidity, and Banxa enables credit card processing and wire transfers for seamless on and off-boarding. This robust infrastructure combines to deliver a user experience that rivals centralized exchanges while maintaining the core benefits of decentralization, paving the way for mainstream DeFi adoption.
Holger Arians, CEO of Banxa, commented on the partnership: "Glue Network's approach of integrating fiat services at the Layer 1 level is a major step forward for DeFi. By eliminating the need for centralized exchanges in the fiat-to-crypto journey, Glue is addressing one of the major pain points in crypto adoption."
The L1 fiat integration is scheduled to go live in early October, with the launch of the Glue Hub. For more information, visit glue.net.
About Glue
Glue is a user-centric blockchain ecosystem dedicated to making decentralized finance accessible to all by providing users with the simplicity and convenience of a centralized exchange on-chain. With a focus on security, flexibility, and ease of use, Glue integrates a Layer 1 blockchain, three interconnected Layer 2 solutions (Finance, Gaming, and Payments), the Glue application Hub, and an innovative service layer, all behind a user-friendly front end. Founded by an experienced team of blockchain and security veterans, Glue aims to serve crypto natives, mainstream consumers, and financial institutions. The ecosystem includes essential DeFi applications and is designed to allow third-party providers to offer a wide range of crypto and non-crypto (taxes, insurance, etc) services.
Join Glue’s digital community on Telegram and Twitter. For more information, visit https://glue.net/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241001684281/en/
Contacts
Media:
Bryan Hynes
Glue@wachsman.com
