Ramp launches real-time payments across 17 blockchains

Drivewaya financial technology company building payment systems that connect cryptocurrencies to the global financial system has launched its “off-ramp” product in the United States.

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

Ramp’s off-ramp product is ready to be integrated by companies that want to provide their users with a fast, secure, and convenient way to exchange crypto for US dollars right within their product.

Reducing friction associated with switching between traditional currencies and digital assets is the biggest barrier to the widespread adoption of cryptocurrencies. Entry and exit ramps play a vital role in addressing 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 the US dollar) into cryptocurrencies, off-ramp allows users to convert their digital assets back into fiat currency.

Ramp’s off-ramp product offers very competitive rates as low as 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 typically sees dollars deposited into their account 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. But major setbacks, such as the recent FTX implosion, show the need for products that are resilient and meet 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 buy crypto from fiat currencies. But the factor regularly cited as the most unpleasant factor 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 companies looking to achieve mainstream adoption, and our product will lead the industry in terms of 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 states of the US except Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Louisiana, Maryland, Nevada, New Jersey, New Mexico, New York, Ohio, Oregon, Vermont and Washington.

Off-ramp includes 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, wire transfers, Apple Pay, Google Pay, and more. Ramp Swaps LLC is registered as a money service provider with the Financial Crimes Enforcement Network of the United States Treasury Department.