In light of the growing demand for Web3 applications and more decentralized and non-censoring project infrastructures, Ramp Network emerges as a payment gateway, looking to bridge the gap between Web2 and Web3. Given the catastrophes that have spawned from bankrupt cryptocurrency exchanges, non-custodial services have seen an increase in demand, resulting in the urgency for alternative structures for the trading of cryptocurrencies.
Decentralized exchanges have had a fair amount of attention over the years, however, they are sadly not enough given the inability to facilitate crypto-to-fiat trades. As such, diverse payment infrastructures have emerged to bridge the gap and aid users tap into the Web3 economy without interacting with custodial exchanges.
Ramp Network Crypto To Fiat Off-Ramp Goes Live
Prior to a December 06 announcement, the Ramp Network now allows crypto to fiat off-ramps of about 37 crypto assets to 35 US states and territories. The Ramp infrastructure allows users to jump in and out of Web3 with access to an efficient payment gateway to easily purchase and sell crypto assets.
With numerous planned-out integrations to follow the release, Ramp network reportedly facilitates cashouts under 20 seconds to US RTP accounts provided the crypto transaction is confirmed on the blockchain. The cost of transacting on Ramp is 0.99% with the tendency to decrease over the usage of the service.
Off-ramps can be integrated into any decentralized application to offer its users a seamless experience to move value between the on-chain and the off-chain infrastructures.
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 our on-ramp product allows users to convert their fiat money into cryptocurrencies, off-ramp empowers users to transfer their digital assets back into fiat currency - enabling an integrated, 2-way digital economy between web3 and the traditional financial system. - Announcement
At the time of writing, off-ramps are available across 18 cryptocurrency blockchains including AVAX on Avalanche and Ether on Ethereum, Optimism, and more. That said, although off-ramps are currently only available in the US, Ramp Network's crypto on-ramp is available for over 150 countries across 6 continents including Europe, Africa, North America, South America, Asia, and Australia. Ramp Network currently facilitates trades for millions of individuals over 45+ crypto assets.