According to web3 dApps, a crypto ramp is a payment plugin solution (or, widget) integrated into blockchain sites and decentralized applications. It enables users to simply realize exchanges between crypto and traditional fiat currency funds.
What does On-Ramping mean?
When buying cryptocurrency, it must be exchanged for something else. And like buying any good or service in your day-to-day life, this is often exchanged for a currency, such as dollars or euros. We call this day-to-day currency issues by governments fiat
currency, which is typically opposed to cryptocurrency.
Accordingly, when we talk about “on-ramping”, we simply mean using your regular, fiat money (probably your debit card) to buy some crypto. On-ramping sees you leave the traditional monetary system, and enter into the decentralized, blockchain ecosystem instead.
For example, buying bitcoin by exchanging them for your U.S. dollars is a form of on-ramping. It’s effectively like entering a motorway: exchanging your dollars for crypto is using the on-ramp to allow you to access the crypto motorway.
On-ramp also refers to the platform or service that helps you to complete this process. An online crypto exchange, for example, can be known as an on-ramp. It can also be used as an adjective, to refer to a particular asset that is in the form of bitcoin (i.e. my funds are on-ramp).
In the case of iPeakoin's ramps, you can use bank transfers to buy crypto. The customizable plugin is integrated into blockchain sites and decentralized applications (dApps).
What is a Crypto Off-Ramp?
Now, it is easy for us to understand that a crypto off-ramp is simply the on-ramp in reverse.
After you’ve had your first foray into the world of crypto, maybe you’ve made some swaps, staked some tokens, sold an NFT
or even become a liquidity provider
, and now, you want to cash out to buy yourself a few nice things.
In other words – you need to off-ramp. There are various ways of doing this, so let’s check them out in more detail.
Much like with crypto on-ramp, the term crypto off-ramp is increasingly becoming associated with end-to-end solutions for exchanging cryptocurrencies for fiat money. Depending on the particular provider’s capabilities, you can then remit the funds back to your debit or credit card, or even to your bank account.
iPeakoin's off ramp capabilities mean we are able to remit and send funds to bank accounts for settlement or treasury management.
Easy and Direct
Crypto on and off-ramps cut out drastically reduce the steps required to buy crypto and participate in web3 dApps. They make the blockchain world more accessible than ever before. Decentralized money and applications deserve to be tried by everyone, not only the tech-savvy.
About iPeakoin Ramps
iPeakoin’s ramps allow easy access to crypto and web3 services to users all around the world. With iPeakoin's Crypto Wallet and Global Account, users can directly purchase crypto and conveniently offboard from crypto to over 40 fiat currencies.
With custodian wallet backed by Circle and Coinbase (MPC wallet will soon be launched in Q1 2023), optimized AML-system supported by Chianalysis and anti-fraud payment system based on machine learning and artificial intelligence, your asstes are highly secured in iPeakoin.
For more details, or just want to say hi, feel free to send us a note at firstname.lastname@example.org or https://t.me/ipeakoin (Telegram).
iPeakoin, a fintech company that builds an institution-grade global cash management platform, is committed to bridging the gap between traditional finance and crypto, and to providing a one-stop shop for diversified and globalized cash management with technology.