Zug, Switzerland – April 25th, 2024 – Chainwire
Velocity Labs is excited to announce the launch of our fiat-to-crypto onramp through the integration of Asset Hub. With this integration, Ramp Network will now be able to service any parachain within the Polkadot ecosystem.
The transition from fiat to cryptocurrency has historically been a major challenge for DeFi. However, thanks to the early identification of this issue and collaboration with regulators, credit card providers, and other payment service providers, high barriers to entry into the crypto world are becoming a thing of the past.
In November of last year, Velocity Labs began discussions with Ramp, the leading onramp provider in the crypto space. The goal was to maximize the accessibility of Asset Hub and unlock its full potential.
Asset Hub is considered the “home base” for assets within the Polkadot blockspace ecosystem. It allows for the creation, management, and use of assets within the Polkadot network, with a trusted relationship to the Polkadot Relay Chain. This enables the portability of DOT and the emission and use of tokens similar to ERC-20 on this chain, making it a standard for DeFi on Polkadot. However, there are still constraints around UX/DevEx, and Velocity Labs is focused on addressing these limitations to fully realize the potential of Asset Hub.
Ramp is a financial technology company that provides solutions for connecting the crypto economy with the global financial infrastructure. Its core products are on- and off-ramps, allowing businesses and individuals in over 150 countries to easily convert between fiat currency and cryptocurrencies using major payment methods such as debit and credit cards, bank transfers, Apple Pay, and Google Pay. For more information, visit ramp.network.
About Velocity Labs
Velocity Labs is a DeFi and infrastructure development company founded with the goal of transforming the Polkadot blockspace ecosystem into a hub of innovation for DeFi. Our team is made up of Polkadot veterans and DeFi experts who are dedicated to building critical market infrastructure and tools to unlock the full potential of Polkadot. For more information, visit velocitylabs.org.
Velocity Labs is actively seeking builders to help us create a resilient and efficient DeFi ecosystem on Polkadot. If you are interested, please contact us.
Contact
Ops lead
Maria Paula Fernandez
Velocity Labs AG
[email protected]