We’re ecstatic to announce that today we’re officially launching our off-ramp. Hooray! Starting now, end-users can not just purchase, but also cash out of crypto directly with Ramp Network.
Initially, off-ramp is available for users in 35* states and territories in the United States for 37** cryptoassets across 18** different blockchains, and for US Dollars. We’re working as fast as we can on adding more states, countries, assets, and currencies - so expect to hear news soon!
We’re so far the only major off-ramp provider to offer Real-Time Payments (RTP) in the United States. RTP allows users to receive funds in as little as 20 seconds, rather than hours or even days. Further payout methods will be announced in January 2023.
Our off-ramp product is ready to be integrated by new and existing partners seeking to offer their users a fast, secure and convenient way to exchange crypto for US dollars, directly from within their interface.
Why off-ramp
Reducing friction associated with moving between traditional currencies and digital assets is the greatest barrier to the widespread adoption of cryptocurrencies. On-ramps and off-ramps play a pivotal role in tackling this by creating a reliable flow between fiat and cryptocurrencies.
Whereas our on-ramp product allows users to convert their fiat money into cryptocurrencies, off-ramp empowers users to transfer their digital assets back into fiat currency - enabling an integrated, 2-way digital economy between web3 and the traditional financial system.
Off-ramp features
Ramp Network’s off-ramp product offers highly competitive fees of just 0.99% per transaction (with a minimum of $3.99). Integrators may also set up an extra fee for their services.
Initially, end users will have the option to process their transactions through automated clearing house (ACH) transfers, a common method used for direct deposits of paychecks, debts for regular payments, and money transfers.
Users whose banks allow for RTP will benefit from this faster method, which will see dollars deposited into their accounts typically in under 20 seconds.
The future of off-ramp
We’re already working on expanding our off-ramp into the UK and Europe, and we’re also introducing new payout methods through 2023 to increase options for our global users.
Integrating Ramp Network into a Web3 application is easy and free. Just get in touch and get started with your integration!
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“The crypto and Web3 ecosystems are ever closer to mainstream adoption. But major setbacks like the recent FTX implosion demonstrate the need for products that are resilient, compliant with fair and fast services. We often hear how difficult it is for a consumer to purchase crypto from fiat currencies. But the factor that is regularly cited as the most off-putting when considering buying digital assets is that would-be crypto users wouldn’t know how to sell them back for fiat. That’s why off-ramp is such an important product for businesses who want to reach mainstream adoption, and our product is going to be leading the way when it comes to coverage, conversion rates, and pricing,”
“The crypto and Web3 ecosystems are ever closer to mainstream adoption. But major setbacks like the recent FTX implosion demonstrate the need for products that are resilient, compliant with fair and fast services. We often hear how difficult it is for a consumer to purchase crypto from fiat currencies. But the factor that is regularly cited as the most off-putting when considering buying digital assets is that would-be crypto users wouldn’t know how to sell them back for fiat. That’s why off-ramp is such an important product for businesses who want to reach mainstream adoption, and our product is going to be leading the way when it comes to coverage, conversion rates, and pricing,”
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Content Lead at Ramp Network. Writer, Web3 & Blockchain educator.
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