In the ever-evolving world of cryptocurrency and decentralized finance (DeFi), one of the biggest pain points has always been the onramp from traditional fiat currencies to cryptocurrencies. This barrier to entry has hindered the mass adoption of DeFi, with many potential users feeling overwhelmed and intimidated by the complexity of converting their fiat money into digital assets. However, recent developments from Velocity Labs and Ramp Network are set to change the game entirely.
Velocity Labs, a DeFi and infrastructure development company, recently announced a partnership with Ramp Network to integrate their fiat to crypto onramp using Ramp Network’s Asset Hub. This integration is a game-changer for the entire Polkadot ecosystem, as it will allow any parachain within the network to easily access and utilize the onramp services provided by Ramp Network. By bridging the gap between traditional finance and the crypto economy, Velocity Labs and Ramp Network are paving the way for a more inclusive and user-friendly DeFi landscape.
At the core of this integration lies Asset Hub, a system parachain that serves as the “home base” for assets within the Polkadot blockspace ecosystem. Asset Hub enables the creation, management, and use of assets on the Polkadot network, playing a crucial role in the emission of tokens similar to ERC-20 on Ethereum. However, despite its importance, Asset Hub has faced several constraints, particularly around user experience (UX) and developer experience (DevEx). Recognizing the untapped potential of Asset Hub, Velocity Labs has been diligently working to address these limitations and enhance the overall accessibility of the platform.
Ramp Network is a financial technology company that specializes in building solutions to bridge the gap between the crypto economy and traditional financial infrastructure. With its core on- and off-ramp products, Ramp Network offers businesses and individuals in over 150 countries a seamless and streamlined experience in converting between cryptocurrencies and fiat currencies. By integrating Ramp Network’s onramp solutions with Asset Hub, Velocity Labs is empowering users within the Polkadot ecosystem to easily convert their fiat money into digital assets and tap into the world of DeFi with ease.
Velocity Labs is a team of seasoned Polkadot veterans and DeFi experts, dedicated to transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. By building critical market infrastructure and providing essential tools for developers and users alike, Velocity Labs is committed to unlocking the full potential of Polkadot and fostering a more accessible and inclusive DeFi landscape. If you’re passionate about driving innovation in the world of decentralized finance, reach out to Velocity Labs and join the movement towards a decentralized future.
The integration of Ramp Network’s fiat to crypto onramp with Asset Hub by Velocity Labs marks a significant milestone in the journey towards mainstream adoption of DeFi. By addressing the long-standing barriers to entry and simplifying the process of converting fiat currencies into digital assets, this collaboration is set to revolutionize the way users interact with decentralized finance on the Polkadot network. With the combined expertise and dedication of Velocity Labs and Ramp Network, the future of DeFi accessibility looks brighter than ever before.