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Coinweb is proud to announce its fiat on and off ramping solution, OnRamp, acknowledging the importance of accessing the increasingly growing adoption of cryptocurrency through traditional fiat rails. Currently enabling Visa, MasterCard, and JCB with SWIFT, SEPA and local Account-to-Account services in the late stage of development, OnRamp is a tailor-made solution with users across Europe, Asia and Canada. Centralized Exchange platforms (CEX), digital wallets and corporate customers connected and built on top of Coinweb are using the solution today.
Globally, fiat is still the most adopted form of currency, enabling an easy and intuitive purchase of crypto using fiat plays a significant role in mass adoption. Equally important is the off-ramping of crypto back into fiat which delivers liquidity to the ecosystem. These two solutions complement each other in maintaining the smooth functioning and growth of the crypto industry and allow users the flexibility to switch between fiat and cryptocurrency at any given point in time.
Sitting on top of the Coinweb platform, OnRamp utilizes a stable token to track cryptocurrencies purchased and broadcast them down to underlying chains. This stable token mechanism significantly increases transaction speed to less than 30 seconds and mitigates network fees. It also provides a live Know-Your-Customer (KYC), around-the-clock localised customer service solution, together with an internal Anti-Fraud mechanism.
“Many people aren’t aware that Coinweb has been the technology behind a fiat on and off ramping solution platform called OnRamp supporting over 160,000 unique customers since the end of 2020 as a proof-of-concept,” said CEO Toby Gilbert. “One of our biggest advantages is the collection of regulatory licenses and consents acquired around the world, enabling the platform multiple fiat on and off ramping partnerships. To date, OnRamp has processed over 2 million transactions, valued at over $160 Million USD. The…
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