Financial technology firm Ramp has released its “off-ramp” product for its users in the United States. This is another key milestone for the company, which develops payment solutions that integrate cryptocurrencies into the traditional financial system. Businesses who want to give their customers an easy way to convert their cryptocurrency holdings into US dollars without leaving their product can now do so with this ready-to-integrate solution. The off-ramp product also has very low transaction fees, coming in at just 0.99%.
The most significant challenge to the widespread use of cryptocurrencies is the transfer of value between fiat money and digital assets. A key component in addressing this is the availability of on- and off-ramps that facilitate the smooth exchange of fiat currency for cryptocurrency. The off-ramp service allows customers to convert their holdings in any 34 digital assets operating on 17 blockchains. It accomplishes this instantly, enabling Real-Time Payments (RTP).
With the off-ramp product, Automated Clearing House (ACH) transfers, a standard technique used for direct deposits of payments, would initially be available as a payment option for end customers. Beneficial users will see funds deposited into their accounts in about 20 seconds, provided their financial institutions support RTP.
The off-ramp solution is currently accessible in 44 of the 50 states in the USA. In addition, the company says it will work toward bringing its off-ramp product to the UK and Europe by 2023, all while offering additional forms of payout. Currently, Ramp is available in 150 countries and is compatible with all major payment systems. This includes all major credit and debit cards, bank transfers, mobile wallets like Apple Pay, and Google Wallet, and more.
By providing a non-custodial, end-to-end payment infrastructure, the company has helped its partners increase acceptance and confidence. Also, it provides a simplified, trustworthy, and low-friction payments infrastructure to enable developers to get beyond these obstacles.
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