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Ramp, a fintech company that builds payment systems that connect cryptocurrencies to the global financial system, launched its “off-ramp” product in the United States.
Off-ramp allows users to sell a choice of 34 digital assets on 17 blockchains. It does this in real time, effectively enabling real-time payments (RTP) so consumers can receive their funds in as little as 20 seconds, rather than hours or even days.
Ramp’s off-ramp product is ready for integration by businesses looking to offer their users a fast, secure, and convenient way to exchange crypto for US dollars, right within their product.
Reducing the friction associated with moving between traditional currencies and digital assets is the biggest barrier to widespread adoption of cryptocurrencies. On-ramps and on-ramps play a central role in solving this problem by creating a reliable flow between fiat currencies and cryptocurrencies.
While Ramp’s on-ramp product allows users to convert their fiat currency (like US dollars) into cryptocurrencies, the exit-ramp allows users to transfer their digital assets into fiat currency.
Ramp’s off-ramp product offers very competitive fees of just 0.99% per trade. Initially, end users will have the ability to process their transactions through Automated Clearing House Transfers (ACH), a common method used for payroll check direct deposits, debt for regular payments and money transfers.
Users whose banks allow RTP will benefit from this faster method, which will see dollars deposited into their accounts typically in less than 20 seconds. In the near future, Ramp will be looking to expand its release product to the UK and Europe while introducing new payment methods through 2023.
“The crypto and Web3 ecosystems are moving ever closer to mainstream adoption. But major setbacks like the recent FTX implosion demonstrate the need for resilient, compliant products with fair and fast services,” said sPaulina Jóśków, commercial manager at Ramp, in a statement, “We often hear how difficult it is for a consumer to buy crypto from fiat currencies. But the factor that is consistently cited as the most off-putting when considering buying digital assets is that potential crypto users wouldn’t know how to resell them for fiat. That’s why Exit Ramp is such an important product for businesses to achieve widespread adoption, and our product is going to lead the way in coverage, conversion rates, and price.
Integrating Ramp into a Web3 application is easy and free, the company said. Ramp’s exit ramp product is currently available in all US states except Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Louisiana, Maryland, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, Vermont and Washington.
Off-ramp covers the following digital currencies: ADA (on Cardano), ATOM (on Cosmos), AVAX (on Avalanche), BAT (on Ethereum), BNB (on Binance Smart Chain), BTC (on Bitcoin), BUSD (on Binance Smart Chain), CELO (on Celo), CUSD (on Celo), DAI (on Ethereum, Optimisim and Polygon), DOGE (on Doge), DOT (on Polkadot), ENS (on Ethereum), ETH (on Arbitrum, Ethereum, Optimism and Polygon), FTM (on Fantom), KSM (on Kusama), LINK (on Ethereum), LTC (on Litecoin), MANA (on Ethereum), MATIC (on Polygon), NEAR (on Near), RLY (on Ethereum), RON (on Ronin), SLP (on Ronin), SAND (on Ethereum), USDC (on Ethereum, Avalanche and Polygon), USDT (on Ethereum).
Ramp operates in 150 countries and is fully integrated with the world’s leading payment methods including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more. Ramp Swaps LLC is registered as a Money Services Business with the Financial Crimes Enforcement Network of the United States Department of Treasury.
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