Ramp, a financial technology company specializing in crypto infrastructure, has announced a significant expansion of its platform’s compatibility, adding 40 new fiat currencies.
According to a June 21 announcement, the expansion is set to allow users to more easily transact with various digital and traditional currencies across borders while benefiting from favorable conversion rates.
With its latest expansion, Ramp hopes to empower individuals across 150 countries to convert between cryptocurrencies and 43 fiat currencies. Expanded currency support includes a mix of developed and emerging markets, including the Bermudian dollar, Costa Rican colón, Hungarian forint, Mexican peso, Singapore dollar and Swiss franc.
In the cryptocurrency industry, on-ramps facilitate the acquisition of digital assets by allowing individuals to purchase or receive cryptocurrencies using fiat money. On the other hand, off-ramps enable users to convert their cryptocurrencies back into fiat currencies.
On- and off-ramps are essential for the adoption and usability of cryptocurrencies, as they bridge the gap between the crypto ecosystem and the traditional financial system. They provide a convenient means for individuals to enter or exit the crypto market, enhancing accessibility, liquidity and integration between crypto and fiat currencies.
In a recent conversation with Cointelegraph, Jameson Lopp, a Bitcoin (BTC) self-custody advocate and software developer, shed light on the significance of on-ramps in driving cryptocurrency adoption. Lopp underscored the importance of increasing the number of on-ramps within the industry to facilitate the acquisition of Bitcoin and stimulate economic activity with the digital currency.
As an example, he pointed to Nostr, a decentralized social media platform that has integrated the Bitcoin layer-2 Lightning Network protocol, effectively encouraging the use of Bitcoin.