Swapper Finance Launches Card Deposits to DeFi via Mastercard

Swapper Finance, a fiat-to-DeFi payments platform, has launched a feature that lets users deposit funds directly into decentralized finance applications using traditional banking cards.

The new service, dubbed “Direct Deposits,” is launched in collaboration with Mastercard and Chainlink, according to a press release shared with The Defiant. The process is powered by Chainlink’s Runtime Environment, which handles identity verification, compliance, token swaps and settlement on-chain.

Commenting on the launch, Swapper Finance chief technology officer Arthur, said in the release:

“Seeing leading platforms adopt Direct Deposits on day one confirms what we’ve believed from the beginning – the industry is ready for a unified onboarding standard. We expect this to accelerate the shift from speculative use to real utility in Web3.”

Swapper’s first wave of launch partners includes Pi Squared, Stakelink, KyberSwap, AITECH, and Radiant Capital, among others. The move is aimed at making it easier to onboard users into DeFi, simplifying the experience of converting fiat to crypto and interacting on-chain.

Chainlink Labs’ Roman Tirone said in the release: “By unifying identity, compliance, token swaps, settlement, and more in a single orchestration layer, CRE is enabling the onboarding of billions of cardholders into the onchain economy.”

In June, Mastercard and Chainlink announced their new partnership to let Mastercard holders make crypto purchases directly on-chain. Swapper was listed as one of the supporting protocols at launch.

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