Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

(Press release – Zug, Switzerland, April 25, 2024)

Velocity Labs is proud to announce the issuance of a cryptocurrency fiat using Ramp Network through the Asset Hub integration. Through it, Ramp will be able to serve any parachain in the Polkadot ecosystem.

Conversions from fiat currencies to cryptocurrencies have historically been one of the biggest pain points when it comes to access to DeFi. Thanks to diligent builders who identified this problem early, and worked with regulators, credit card issuers and other payment infrastructure providers, high barriers to entry for cryptocurrencies are about to become a thing of the past.

In November last year, Velocity Labs began talks with Ramp, a leading provider of onramp infrastructure for web3. The goal was simple: achieve maximum success Asset CenterAccessibility, and reaching its full potential.

Asset Hub is a system umbrella chain that is considered the “home base” for assets in the Polkadot Blockspace ecosystem. It enables the creation, management and use of assets in the Polkadot network. As a umbrella system, it has a trusted relationship with the Polkadot Relay Chain, allowing DOT to be transferred from the Relay Chain to the Asset Hub. The Asset Hub is crucial to the issuance of tokens similar to ERC-20 (the Ethereum standard that powers DeFi on that chain) and the imminent and future return of DeFi on Polkadot. However, Asset Hub has several limitations, especially in terms of user experience and DevEx. Recognizing the potential and importance of Asset Hub, Velocity works tirelessly to address these limitations.

slope is a fintech company that builds solutions that connect the cryptocurrency economy to the existing global financial infrastructure. Through its core on-ramp and off-ramp products, Ramp provides businesses and individuals in over 150 countries with a simplified and seamless experience in converting between crypto and fiat currencies. Ramp is fully integrated with the world's major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.

About Speed ​​Labs

Velocity Labs is a DeFi and infrastructure development company founded with the goal of transforming the Polkadot Blockspace ecosystem into a thriving hub for DeFi innovation. A team of Polkadot and DeFi experts, Velocity Labs is committed to building the critical market infrastructure and tools needed to unlock Polkadot's full potential.

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Velocity Labs is actively looking for builders to join us in creating the most efficient and flexible DeFi ecosystem on Polkadot. If you think this is you, please contact us Through this form.