The Ramp Network provision eliminates the challenge of excessive exchange fees that is usually imposed by banks.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Just within six days of bagging a Virtual Asset Service Providers (VASP) registration from Ireland, renowned crypto infrastructure firm Ramp Network has announced a bigger project.
The financial platform has made a significant move in enhancing its crypto-to-fiat off-ramp with SEPA Instant bank transfers in Europe. This is in addition to upscaling its Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA) payout options to include more than 35 local currencies.
This latest offering provides users with the platform to sell their digital assets after which the amount will be added directly to their credit or debit cards. However, the service is only available to some pre-selected countries including Brazil, Malaysia, and Mexico. This restriction is due to regulatory boundaries.
“At Ramp, we understand that many of our users still need to use traditional fiat currencies in their daily lives. That’s why we ensure seamless cashing out by allowing users to choose their preferred payment method and currency,” Szymon Sypniewicz, CEO of Ramp Network said.
“Ramp’s off-ramp has long been the benchmark for coverage, transaction speed, and pricing in the market, and we’re committed to maintaining this standard by staying closely connected and relevant to our users’ needs all over the globe.”
Consequently, millions of users can now exchange crypto into their own currencies. Supported fiat includes real, peso, ringgit, and any other currency that is supported on Ramp Network.
The Ramp Network provision eliminates the challenge of excessive exchange fees that is usually imposed by banks. At the same time, users are also promised a two-way path into Web3.0. Here, they can easily get onboarded using their local currency and then decide on whether to swap their crypto back to the same local currency or not.
Ordinarily, the financial service provider offers up to 40 tokens on its platform and boasts of an expansive reach that spans as far as 130 countries. This latest development is Ramp Network’s approach towards bolstering the cash-out process for its users across multiple jurisdictions where its offerings are accepted.
This new development equally marks a significant milestone for SEPA Instant as it offers its users real-time cross-border payouts. Apart from the expansion, this affords the platform the opportunity to offer cost-effective financial services in addition to ensuring that Ramp users conduct swift sales of almost any digital currency for EUR at some of the best rates in the industry.
Generally, Ramp Network has displayed a commitment to providing its users with convenient financial services. The financial giant portrays itself as one of the frontiers of mainstream crypto adoption with its focus on maximizing the availability of supported payment options for its users. Over the years, Ramp Network has inked key partnerships that are user-centric including one with decentralized crypto wallet infrastructure and service provider Trust Wallet.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
