Crypto on-ramping with Ramp – connecting Fiat to Crypto
Trading NFTs without a Crypto Wallet
For those new to Cryptocurrency, Ramp offers opportunity to acquire ‘Cryptocurrency on-ramp’ within NFTs, Dapps and games like Sorare. On-ramp is a company or exchange that facilitates the trade of Fiat (tangible money) for Crypto automatically. Users can remain on the existing platform to trade crypto assets as Ramp developers implemented an API integration into their system. Ramp scours exchanges to establish the best conversion rate for your currency, making crypto assets accessible for the many. Indeed, Think of Ramp as like a crypto version of Wise, offering the greatest value.
Sorare Partnership with Ramp
Sorare, the football card game based on Ethereum, was my first foray into an NFT Project and the first facilitating Ramp. Although I have a Metamask Wallet, I chose to deposit via Ramp which was a convenient, transparent and streamlined process. This appeals to the mass market that aren’t interested in Crypto, as they can bypass complex wallet set-ups and exchanges. Further, using the Ramp tool helps you to reduce the gas fees involved with receiving Ethereum from an exchange like Binance.
Card ownership and trading is secured by the blockchain which handles transactions and provides buyers (players) with purchase proof and authenticity. Each card is non-fungible; owned by a single user and signed by the creator, so cannot be changed, duplicated or deleted. This digital signature verifies the token on a server or platform, declaring it valid in a decentralised way. Like most collectible card NFTs the supply of cards is limited, allowing its value to gain on the crypto market. See more – Sorare Intro Post.
Axie Infinity Integration
Axie Infinity, the thriving NFT video game, is renowned for its in-game economy using Ethereum-based cryptocurrencies, specifically the Ethereum sidechain Ronin. Users collect and mint NFTs representing digital creatures: Axies, which can be bred and battled to earn ETH-based tokens. These tokens can be cashed out every fourteen days, so there is huge potential for ‘play-to-earn’.
The Ramp Solution
For players not knowledgeable about crypto, identifying an exchange, purchasing crypto and adding it to a wallet can be challenging. Ramp’s framework helps Axie connect traditional finance to the Ronin network by using an integrated widget in the Axie Infinity browser wallet. This allows users to exchange fiat for wETH (the in-game currency) and join the decentralized world they are creating. Essentially, Ramp simplifies and automates the process, enabling more gamers to buy Axies and compete when they land on the site.
Ramp Verification and Security
Services like Ramp must verify user identity via a Know Your Customer (KYC) check, just like any bank must. This accesses your bank account data through the Open Banking API, taking a matter of seconds. Open Banking incorporates fast and secure Crypto payments whilst Smart contracts are used to secure Ethereum transactions facilitated by Instant bank transfer. With Open Banking no data is provided to 3rd-party exchanges and every service must be regulated by the FCA or equivalent.
Ramp Transaction Fees
|Manual bank transfer||Easy bank transfer||Card transaction|
|Minimum fee||2.14 GBP||2.14 GBP||2.14 GBP|
|Under 2000 GBP||0.99%||1.99%||2.9%|
|Over 2000 GBP||0.49%||1.49%||2.9%|
Transactions, i.e. your amounts of crypto, are recorded on a blockchain which includes a network fee to cover running costs. The fees profit miners and validators, Ramp simply process transactions.
Ramp has its own P2P network of separate liquidity providers: Ramp Pools for anyone wanting to sell crypto and obtain income. Let’s say you have fiat capital but want to purchase tokens or deposit stablecoins in DeFi lending protocols to earn high yield. Ramp Pools facilitates these processes and thus opportunity to improve on the miniscule % you would earn from traditional banks. However, to initially receive your crypto you need a wallet address which means opening a wallet. Secondly, for those interested in Layer 2 Crypto, you can purchase Ethereum tokens, which requires a Ramp-integrated wallet (ETH) address. From personal experience, I recommend using Argent as the wallet is user-friendly and non-custodial.