How StocksFC onboards thousands of crypto newbies with Ramp Network

Background

StocksFC is an innovative platform where football fans can buy, sell, and trade digital tokens representing real soccer players. These tokens are tied to the players' real-world performances, allowing users to earn Ethereum (ETH) based on their players' achievements. Since the launch of their platform, StocksFC has relied on Ramp Network to facilitate crypto transactions, onboarding the first 3,000 users shortly after launch.

The challenge

Before integrating Ramp Network, StocksFC needed a reliable and well-known on-ramp solution to handle Ethereum deposits for their users. While direct crypto deposits worked for experienced crypto users, StocksFC realized that to access a broader audience of users unfamiliar with crypto, they needed an on-ramp solution. Additionally, the implementation had to be managed by a small team and executed quickly.

"When looking for a solution, I wanted something well-known, and Ramp Network was the most recommended online. We also considered other on-ramp solutions but encountered roadblocks. Ramp Network, on the other hand, proved to be quick and efficient to onboard, with excellent customer service right from the start," said Alex Thomas, the Founder & CEO of StocksFC. “In addition, Ramp Network's documentation was super clear. I’m not a coder, but I could easily read it. It was very easy to integrate”

Ensuring compliance with local regulations in key markets was also crucial. The UK is one of StocksFC’s primary markets, making adherence to Financial Promotions (FinProm) regulations essential. When these regulations came into effect, it was vital for StocksFC to find a way to continue servicing UK-based customers, whilst complying with the new regulations. 

Solution

Choosing to exclusively work with Ramp Network was a strategic decision for StocksFC. “Different providers have different fees, which can be confusing for users. As a startup focused on efficiency, integrating and monitoring a single solution made more sense. It is simpler to implement and monitor one solution," Alex pointed out. With Ramp Network as the sole on-ramp provider, the process is streamlined, reducing user confusion and ensuring a smooth onboarding experience.

"Ramp Network has been instrumental in helping StocksFC onboard a broader audience than we could have without it. It is great for all sorts of users, but it is especially beneficial for users new to Web3 as it provides them with a simple experience familiar to those from Web2," Alex Thomas explained. 

Ramp Network's financial promotions tripartite model with Archax also enabled StocksFC to stay compliant with the Financial Promotions Regime and continue to service the UK market. This partnership underscores Ramp Network's compliance-first approach.

Key results

• 92% of users became active users on the platform after their initial transaction via Ramp Network.
• Returning users make a deposit via Ramp Network in as little as 1 minute.
• Most users are making significant deposits via Ramp Network, with the average deposit size being over €100. 

StocksFC received overwhelmingly positive feedback from their users on Ramp Network’s integration. Alex Thomas adds: “When users use Ramp Network once, it's very easy for them to use it multiple times. By offering a straightforward and user-friendly on-ramp service, Ramp Network ensures that even non-crypto-native users can quickly and conveniently make deposits to their StocksFC accounts. If we didn’t have Ramp Network, we would need to teach new users to go to an exchange, make the deposit, buy Ethereum, and send it to us, which could be quite complicated,".

Next steps in the partnership

For platforms like StocksFC, where users can earn ETH from their digital tokens representing football players, it's crucial to cash out when they want. StocksFC plans to integrate Ramp Network's off-ramp solution, allowing users to convert their ETH back to fiat in minutes, selecting from various payout methods and 35+ local currencies.

Conclusion

Ramp Network has become a key partner for StocksFC, streamlining user onboarding and supporting regulatory compliance. The quick and straightforward integration allowed StocksFC to onboard thousands of new users from day one, particularly benefiting those new to crypto. Notably, 92% of users who complete their first transaction with Ramp Network continue to use the platform, purchasing more player tokens and making further deposits. This high retention rate demonstrates the effectiveness of Ramp Network’s user-friendly approach.

Ramp Network's support in navigating UK regulations has reinforced StocksFC's market presence, and the upcoming off-ramp solution will enhance cashout options.

Ready to enhance your platform with crypto transactions? Get in touch with Ramp Network today and discover how we can help!