Product Updates | April 2024

Highlights of this month:

• Shortening SoF verification process by 7 steps
• Introduction of on-ramp for USDt on TON 
• Partnership with the Lukso Network 

Dive in to learn more!

Enhanced source of funds verification

We're excited to announce a major improvement to our user verification process with a revamped Source of Funds verification that streamlines how users provide necessary documentation for transactions exceeding certain limits.

Previously, users were required to email us with documents like bank statements or payslips. Now, this process is fully integrated into our widget, significantly reducing the verification steps from a manual hassle to a sleek, automated journey. Users simply answer a question about their main source of income and upload the required documents directly within the widget interface. This update not only cuts down the verification process by at least 7 steps but also ensures that the entire experience is seamless and remains within our platform.

This improvement builds on our recent enhancements to the verification process. For instance, the Source of Wealth questionnaire introduced recently not only boosted approval rates by an impressive 11x but also increased the spending limit before document verification is needed. This entire process now occurs in-app, making verifications instant and keeping user interactions seamless and uninterrupted.

Ramp Network + The Open Network: support for USDt on TON

Expanding our collaboration with TON, initially announced in December 2023, Ramp Network proudly introduces on-ramp support for USDt on TON, becoming one of the first on-ramp providers to support this stablecoin on the network. Integrated with Telegram Messenger, TON aims to offer a seamless peer-to-peer payment experience to its 900 million users globally. USDt, the world's leading stablecoin by market cap, is now available on TON, aligning with our goal to facilitate easy, borderless financial transactions.

By supporting USDt on TON, Ramp Network simplifies the crypto experience, enabling users in over 150 countries to effortlessly engage in crypto transactions directly within Telegram's growing network of apps and decentralized services. This initiative aligns with our mission to make crypto transactions as simple as messaging, supporting instant, low-cost exchanges across our extensive global platform.

Our roll-out of USDt on TON will be a gradual process, with on-ramping already available on our website, and partners being able to enable the asset in their apps. It will be followed later by the addition of USDt on TON to fiat off-ramp. 

Ramp Network + Lukso: seamless on-ramp for LYX 

We are delighted to announce the launch of on-ramp support for LYX, the utility token central to the LUKSO ecosystem, broadening our cryptocurrency offerings and enhancing access to innovative blockchain networks. LUKSO, a Layer-1, EVM-compatible blockchain, is tailored for a new digital lifestyle, blending physical and digital realities—termed "phygital"—to redefine interactions among brands, creators, and consumers.

LUKSO leverages its native token, LYX, to facilitate transactions, asset creation, and ensure network security. The blockchain's standout features include Universal Profiles which simplify online verification processes and enhance security across web3 applications. With this integration, users from over 150 countries and 37 US states can now easily purchase LYX using various payment methods, available in more than 40 local currencies.

This addition underscores our commitment to fostering access to cutting-edge crypto innovations and supporting the dynamic needs of our global user base. Interested in building on LUKSO? Let's connect to explore how we can drive the future of digital and "phygital" interactions together.

What’s next 

In the coming months, stay tuned for exciting enhancements to our off-ramp capabilities and a groundbreaking coverage update in the US. We will also unveil a significant partnership directed at millions of users, continuing to broaden our reach and impact. Additionally, our commitment to making our platform more accessible will be evidenced by localizing the widget with new languages. These updates are part of our ongoing efforts to refine and expand our services globally.

And that’s a wrap for April. Thanks for reading, and see you next month!

Want to receive these updates in your inbox? Hit the button below to subscribe to the product updates newsletter.