Ramp, a financial technology company that builds payment systems connecting cryptocurrencies to the global financial system, has launched its “off-ramp” product in the United States.
Off-ramp enables users to sell a choice of 34 digital assets across 17 blockchains. It does so 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 to be integrated by businesses seeking to offer their users a fast, secure and convenient way to exchange crypto for US dollars, directly within their product.
Reducing friction associated with moving between traditional currencies and digital assets is the greatest barrier to the widespread adoption of cryptocurrencies. On-ramps and off-ramps play a pivotal role in tackling this by creating a reliable flow between fiat and cryptocurrencies.
Whereas Ramp’s on-ramp product allows users to convert their fiat money (such as the U.S. dollar) into cryptocurrencies, off-ramp empowers users to transfer their digital assets back into 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 deposits of paychecks, debts 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 under 20 seconds. In the near future Ramp will seek to expand its off-ramp product into the UK and Europe while also introducing new payout methods through 2023.
“The crypto and Web3 ecosystems are ever closer to mainstream adoption. But major setbacks like the recent FTX implosion demonstrate the need for products that are resilient, compliant with fair and fast services,” said sPaulina Jóśków, head of commercial at Ramp, in a statement. “We often hear how difficult it is for a consumer to purchase crypto from fiat currencies. But the factor that is regularly cited as the most off-putting when considering buying digital assets is that would-be crypto users wouldn’t know how to sell them back for fiat. That’s why off-ramp is such an important product for businesses who want to reach mainstream adoption, and our product is going to be leading the way when it comes to 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 U.S. states with the exception of 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 across 150 countries and it 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 U.S. Department of the Treasury’s Financial Crimes Enforcement Network.