Helping Broader Adoption of Web3 Ecosystem: Banxa Now Supports USDC on Hedera

10 May 2022

We’re happy to announce we’ve partnered with The HBAR Foundation, becoming the first on-ramp retail platform to support USDC on Hedera.

Banxa and The HBAR Foundation have joined forces to onboard more Web2 users into the Web3 ecosystem. The partnership makes Banxa one of the first companies to support USDC on Hedera.

“With significant opportunities available already for decentralized finance projects in the nascent Web3 ecosystem, Banxa is thrilled to be the first on-ramp retail platform to enable partners to offer USDC on Hedera,” said Holger Arians, CEO of Banxa.

Backed by The HBAR Foundation, Hedera is “a fully open-source public distributed ledger”. In addition, the HBAR Foundation supports the development of projects in the Hedera ecosystem through various grants for developers, startups and organizations, as well as by providing expert technical, marketing, and business development support.

USDC is the dollar-backed Stablecoin facilitating access to cryptocurrency trading by bridging TradFi to DeFi. USDC adoption is largely considered one of the most important steps in building out the DeFi and cryptocurrency ecosystem.

Easy Onboarding Into the Hedera Web3 Ecosystem

To enhance Hedera’s growing Web3 environment, it’s important to open the ecosystem to Web2 users. That’s precisely what this partnership will provide – an easy way to onboard into the Hedera ecosystem by seamlessly purchasing USDC.

“We are excited for Banxa to enter the Hedera ecosystem to increase support for payment globally and onboard Web2 users into the Web3 ecosystem,” said The HBAR Foundation Director of Ecosystem, Elaine Song.

Banxa’s partners, including Wallets, dApps and exchanges, can now add us to on-ramp their users from fiat to crypto on Hedera, using a wide range of global and local payment methods.

“We are working with the leading enterprise-grade public ledger for the decentralized economy to get our partners first to market with their customers on the USDC. We continue to support the crypto ecosystem’s expansion and the shift in focus toward retail traders,” said Arians.

According to The HBAR Foundation, the partnership will also attract more retail and institutional consumers to the Hedera Network “due to secure, convenient, and fast transactions” provided by Banxa.