Velocity Labs and Ramp Network facilitate entry into cryptocurrency on Polkadot through Asset Hub support.

adminApril 25, 2024

zug, Switzerland, April 25, 2024, Chainwire

Velocity Labs is proud to announce fiat to cryptocurrency onramp using Ramp Network via Asset Hub integration. This allows Ramp to serve all parachains in the Polkadot ecosystem.

The transition from fiat to cryptocurrency has historically been one of the biggest challenges regarding DeFi accessibility. Thanks to tireless developers who identified this issue early and have been working with regulators, credit card issuers, and other payment infrastructure providers, high barriers to entry into cryptocurrency will soon be a thing of the past.

Last November, Velocity Labs began talks with Ramp, an onramp infrastructure provider for web3. The goal was simple. The goal is to maximize the accessibility of Asset Hub and utilize its full potential.

Asset Hub is a systemic parachain that is considered the “home” of assets in the Polkadot blockspace ecosystem. It allows you to create, manage, and use assets on the Polkadot network. As a system parachain, it has a trust relationship with Polkadot Relay Chain, allowing DOT to be ported from Relay Chain to Asset Hub. Asset Hub issues tokens similar to ERC-20 (the Ethereum standard that supports DeFi on that chain) and is critical to the imminent and future resurgence of DeFi on Polkadot. However, Asset Hub has many limitations, especially when it comes to UX and DevEx. Recognizing the potential and importance of Asset Hub, Velocity has worked tirelessly to address these limitations.

slope A financial technology company building solutions that connect the cryptocurrency economy with today’s global financial infrastructure. Through its core onramp and offramp products, Ramp provides businesses and individuals in over 150 countries with a streamlined and seamless experience for converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s leading payment methods, including debit cards, credit cards, bank transfers, Apple Pay, Google Pay, and more.

Introduction to Velocity Labs

Velocity Labs is a DeFi and infrastructure development company founded with the purpose of transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. Velocity Labs, a team of Polkadot veterans and DeFi experts, is committed to building critical market infrastructure and tools to unlock Polkadot’s full potential.

More information on Velocitylabs.org

Velocity Labs is actively seeking builders to join us in creating the most efficient and resilient ecosystem for DeFi on Polkadot. If you think this is you, please contact us through this form.