Ramp launches real-time payments across 17 blockchains

Ramp, a financial technology company that builds payment systems that connect cryptocurrencies to the global financial system, has launched its “off-ramp” product in the US.

Off-ramp enables users to sell a selection of 34 digital assets across 17 blockchains. It does so in real-time, effectively enabling real-time payments (RTP) so that consumers can receive their money in as little as 20 seconds, rather than hours or even days.

Ramp’s off-ramp product is ready to be integrated by businesses that want to offer their users a fast, secure and convenient way to exchange crypto for US dollars, directly in the product.

Reducing the friction associated with moving between traditional currencies and digital assets is the biggest barrier to widespread adoption of cryptocurrencies. On- and off-ramps play a central role in tackling this by creating a reliable flow between fiat and cryptocurrencies.

While Ramp’s on-ramp product allows users to convert their fiat money (such as US dollars) into cryptocurrencies, the off-ramp allows users to transfer their digital assets back to fiat currency.

Ramp’s off-ramp product offers highly competitive fees of just 0.99% per transaction. Initially, end users will have the option to process their transactions through Automated Clearing House (ACH) transfers, a common method used for direct deposit of paychecks, debt for regular payments and money transfers.

Users whose banks allow RTP will benefit from this faster method, who will see dollars deposited into their accounts typically in under 20 seconds. In the near future, Ramp will look to expand its off-ramp product to the UK and Europe, while introducing new payout methods through 2023.

“The crypto and Web3 ecosystems are getting closer to mainstream adoption. However, major setbacks like the recent FTX implosion demonstrate the need for products that are resilient, compatible with fair and fast services,” sPaulina Jóśków, commercial manager at Ramp, said in a statement .” We often hear how difficult it is for a consumer to buy crypto from fiat currencies. But the factor regularly cited as the most abhorrent when considering buying digital assets is that potential crypto users would not know how to sell them back for fiat. That’s why off-ramp is such an important product for businesses looking to reach mainstream adoption, and our product is going to be a leader in coverage, conversion rates and pricing.”

Integrating Ramp into a Web3 application is easy and free, the company said. Ramp’s off-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.

The 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 major 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 US Treasury Department’s Financial Crimes Enforcement Network.