Proposal: Add Banxa as a fiat on/off ramp and for AAVE to replace banks

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Banxa, a leading fiat to crypto gateway, aims to support Aave in becoming a comprehensive financial solution by facilitating easy transitions between fiat and crypto. The discussion highlighted Banxa's potential to attract more users to crypto through chain-specific solutions, its plans to support more EVM chains and new ecosystems, and the benefits of its off-ramp solutions for Aave users.

The discussion began with an introduction by Duyccao, the Strategic Partnership Manager at, who presented Banxa as the world's leading fiat to crypto gateway. Banxa's mission is to support Aave in becoming a comprehensive solution for all financial services, effectively replacing traditional banks. Banxa's services allow users to buy and sell cryptocurrencies across multiple blockchains using a variety of fiat currencies and payment methods. Since its inception in 2018, Banxa has processed over $1B in volume, with $700 million processed in the past year alone. The company's partnerships with major CEX's like Binance, KuCoin, and OKex further underscore its commitment to facilitating easy transitions between fiat and crypto1.

Fig responded to Duyccao's post with interest, particularly in Banxa's potential to onboard more users to crypto through chain-specific solutions. Fig inquired about the range of assets supported on these chains and whether Banxa plans to offer a bridge for users as it expands support for more EVM chains and new ecosystems. The potential benefits of Banxa's off-ramp solutions were also highlighted, suggesting they could attract a more diverse set of users2.

MarcZeller chimed in, suggesting that Banxa could build a PR if it garners community support, given that the Aave frontend is decentralized and open-source3. Duyccao then provided a list of supported assets and blockchains, and addressed Fig's questions. As Banxa adds support for more EVM chains and new ecosystems like Solana and Polkadot, the assets will be deployed directly on the appropriate chains. Users will have the flexibility to select their preferred chain, such as USDC on ERC20 or Polygon. Duyccao emphasized that Banxa's product could benefit Aave by enabling more non-crypto native users to replace their bank directly from Aave, bypassing the need for another exchange. The off-ramp solutions offered by Banxa aim to allow users to transition between fiat and Aave directly, without the need to go elsewhere4.

In conclusion, the discussion revolved around the potential of Banxa's services to enhance Aave's user experience and expand its user base. The integration of Banxa's services could potentially streamline the process of buying and selling cryptocurrencies, making Aave a more attractive platform for both crypto and non-crypto native users.

Posted 2 years ago

Last reply 2 years ago

Summary updated 2 months ago

Last updated 08/12 04:39