Swapper Finance Launches Mastercard Deposits, Brings 3.5 Billion Users Onchain

Key Highlights

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  Swapper Finance integrates Mastercard direct deposits with Chainlink Proof of Reserves for seamless fiat entry into DeFi.
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  The service targets 3.5 billion Mastercard holders, aiming to convert fiat to USDC on Solana in seconds.
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  This initiative is designed to boost onchain adoption by bridging traditional finance with blockchain via compliant ramps.

Swapper Finance has unveiled its "Direct Deposits" feature, a significant step toward simplifying the on-ramping process to decentralized finance. The new service, which leverages Mastercard’s global reach and Chainlink’s secure infrastructure, allows users to convert fiat currency on their bank cards directly into on-chain crypto assets. This move is specifically designed to eliminate friction points like wallet setup and network complexity, which have historically hampered mainstream participation in the crypto economy.

Chainlink’s secure interoperability infrastructure underpins the Direct Deposits feature. This system orchestrates core functionalities, including identity verification, compliance checks, token swaps, and settlement processes, all managed in a decentralized manner. Further partnerships with Shift4 Payments for card processing and Zerohash for compliance, custody, and transaction infrastructure are key to making the service regulated and secure. XSwap, a decentralized exchange built on the Chainlink ecosystem, is leveraged by Swapper Finance to source liquidity, often utilizing protocols like Uniswap for the final token swap.

Integrating Traditional Finance into the Decentralized Ecosystem

Swapper Finance’s integration with Mastercard’s global payment rails enables 3.5 billion cardholders to buy crypto directly on-chain. Raj Dhamodharan of Mastercard stated that this partnership accelerates digital asset adoption by leveraging their international network. Sergey Nazarov of Chainlink called this "traditional finance and decentralized finance convergence," highlighting Chainlink’s role in connecting the payments world with on-chain decentralized exchanges. Initial launch partners include Pi Squared, Stakelink, KyberSwap, and Radiant Capital.

Broader Context of TradFi-DeFi Bridges

In a similar development, HashKey Group and Kraken announced Asia’s largest multi-currency Digital Asset Treasury (DAT) fund, targeting over $500 million to bridge traditional finance (TradFi) and crypto. This perpetual fund offers institutional investors compliant, highly liquid access to Web3, initially focusing on Bitcoin and Ethereum ecosystems. HashKey will use the DAT model for active portfolio management and long-term, compliant digital asset strategies, positioning it as superior to passive products like ETFs. The initiative leverages HashKey’s extensive experience, including its involvement in over 600 blockchain companies and its pioneering RWA tokenization in Asia.