How Coco Wallet enables international crypto transfers with Ramp Network

Background

Coco Wallet is a digital wallet designed to bridge the gap between Latin American migrants and their loved ones. The wallet allows users to send and receive crypto to their friends and family, where they can then convert it into local currencies to spend on necessities like food, medicine, and services back home.

The challenge

Before the Ramp Network and Coco Wallet partnership, people struggled with complex and costly methods for sending remittances to Latin America. Traditional methods required individuals to travel to physical locations with cash, incurring high fees and encountering unreliable exchange rates. Users were often exposed to scams, creating insecurity and frustration when sending money back home.

"Our users needed a secure, cost-effective way to send funds home without having to endure complicated or unreliable external services," explained Victor Charles, CFO at Coco Wallet.

As remittances are vital for the economies in the region, particularly for those sending funds from key markets like Spain and the USA, finding an efficient on-ramp solution to allow Coco Wallet customers to purchase and then send crypto assets became essential.

Solution

Coco Wallet turned to Ramp Network to address these challenges. Ramp Network’s wide geographic coverage, especially in Europe—Coco Wallet’s largest user base—made it a natural fit. The ability for users to complete their own KYC (Know Your Customer) directly through Ramp Network added a layer of security, reducing administrative burdens for Coco Wallet.

Additionally, Ramp Network integrated support for USDT and USDC, allowing users to effortlessly convert their money into crypto assets that they can then send to their love ones. This smooth integration gave Coco Wallet users an intuitive way to top up their accounts without compromising security or convenience.

"Ramp Network's strong geographic reach and seamless KYC process simplified onboarding, allowing our users to fund their accounts with ease," noted Victor Charles, CFO at Coco Wallet.

Results and impact

Since integrating Ramp Network, Coco Wallet has observed a notable increase in user trust and engagement. The simplicity and reliability of Ramp Network’s solution have led to more frequent account top-ups and enhanced user satisfaction. Users consistently express a high level of trust in its services, making Ramp Network a preferred option for topping up their account. The strong demand for Ramp Network within Coco Wallet underscores its importance in the daily financial activities of its users.

• 800+ monthly active users: over the past 12 months, an average of 800 users per month have actively bought crypto via Ramp Network within Coco Wallet, reflecting a consistently growing and loyal user base.
• $100+ average transaction size: users have shown confidence in using Ramp Network, with the average transaction size exceeding $100, indicating a strong commitment to topping up their wallets regularly.
• 60%+ conversion rate: the conversion rate for users who start and complete their crypto transactions through Ramp Network in Coco Wallet exceeds 60%, which is a strong indicator of the platform’s ease of use and high user trust.
• 3-4 monthly transactions per user on average: most users who complete their first transaction with Ramp Network in Coco Wallet become returning users, making an average of 3-4 transactions per month. This demonstrates strong user satisfaction with the simplicity and speed, especially once the KYC process is completed.
• 75% increase in transaction volume: since integrating Ramp Network, Coco Wallet has experienced a 75% rise in transaction volumes, showcasing the clear impact of Ramp Network on user activity and growing demand for crypto transactions.
• 63% of total monthly acquisition in the EU: growth has been particularly strong in Spain, where Ramp Network’s integration has helped Coco Wallet reach 63% of its total monthly acquisitions within the European Union.
• 62% retention rate: thanks to Ramp Network’s integration, Coco Wallet has maintained an impressive retention rate of 62%, illustrating the strong relationship users have with the platform and their trust in Ramp Network for seamless crypto transactions.

Future outlook

Coco Wallet plans to maintain its current setup with Ramp Network, focusing on delivering consistent service to its customers while minimizing disruptions. With Ramp’s recent expansion into all US states, including key markets like Florida and New York, where a large portion of Coco Wallet’s users are based, Coco Wallet is excited to offer Ramp Network’s services to its entire US user base. This expanded coverage will enhance their ability to provide secure, efficient remittance solutions to more users than ever before, further strengthening their partnership with Ramp Network.

Conclusion

Ramp Network has become an integral part of Coco Wallet’s mission to connect migrants with their families through secure, intuitive, and cost-effective solutions. By integrating Ramp Network’s on-ramp services, Coco Wallet has empowered its users to manage their cross-border transactions with ease and confidence, increasing user satisfaction and retention.

With Ramp Network’s recent expansion to all US states, Coco Wallet is poised to further scale its operations, offering even more users the ability to send crypto assets to their loved ones. This collaboration underscores how Ramp Network’s tailored solutions drive user trust, engagement, and growth, making it the ideal partner for businesses focused on cross-border transactions.