Velocity Labs and Ramp Community facilitate fiat to crypto onramp on Polkadot by way of Asset Hub assist

[PRESS RELEASE – Zug, SWITZERLAND, April 25th, 2024]

Velocity Labs is proud to announce a fiat to crypto onramp utilizing Ramp Community by the mixing of Asset Hub. By way of it, Ramp will be capable of service any parachain within the Polkadot ecosystem.

Onramps from fiat to crypto have traditionally been one of many greatest ache factors with regard to DeFi accessibility. Because of the tireless builders who recognized this subject early on, and have been working with regulators, bank card issuers and different fee infrastructure suppliers, the excessive boundaries to crypto entry are about to be a factor of the previous.

In November of final 12 months, Velocity Labs started talks with Ramp, the main onramp infrastructure supplier for web3. The target was easy: maximize Asset Hub’s accessibility, and to get it to its full potential.

Asset Hub is a system parachain thought of the “dwelling base” of property within the Polkadot blockspace ecosystem. It allows the creation, administration, and use of property within the Polkadot community. As a system parachain, it has a trusted relationship with the Polkadot Relay Chain, permitting for porting of DOT from the Relay Chain to Asset Hub. Asset Hub is essential for the emission of tokens just like ERC-20 (the Ethereum normal powering DeFi on that chain) and the upcoming and future resurgence of DeFi on Polkadot. Nonetheless, Asset Hub has many constraints, notably round UX and DevEx. Recognizing the potential of Asset Hub and its significance, Velocity has been working tirelessly to handle these limitations.

Ramp is a monetary expertise firm constructing options that join the crypto financial system with as we speak’s international monetary infrastructure. By way of its core on- and off-ramp merchandise, Ramp gives companies and people throughout 150+ international locations with a streamlined and easy expertise in changing between cryptocurrencies and fiat currencies. Ramp is totally built-in with the world’s main fee strategies, together with debit and bank cards, financial institution transfers, Apple Pay, Google Pay, and extra.

About Velocity Labs

Velocity Labs is a DeFi and infrastructure growth firm based with the target of reworking the Polkadot blockspace ecosystem right into a thriving hub for DeFi innovation. A workforce shaped by Polkadot veterans and DeFi specialists, Velocity Labs is dedicated to constructing important market infrastructure and tooling to unlock Polkadot’s full potential.

Extra data on velocitylabs.org

Velocity Labs actively looking for builders to hitch us in creating essentially the most environment friendly and resilient ecosystem for DeFi on Polkadot. If you happen to suppose that is you, please get in contact with us by this way.