Press Release

Coinweb Launches the OnRamp Platform to Provide Full Fiat Rails Access to Digital Assets

Published

2 years ago

July 5, 2022

OnRamp emerges as the new payment solution powered by Coinweb’s blockchain-based technology

Coinweb is proud to announce its fiat on and off ramping solution, OnRamp, acknowledging the importance of accessing the increasingly growing adoption of cryptocurrency through traditional fiat rails. Currently enabling Visa, MasterCard, and JCB with SWIFT, SEPA and local Account-to-Account services in the late stage of development, OnRamp is a tailor-made solution with users across Europe, Asia and Canada. Centralized Exchange platforms (CEX), digital wallets and corporate customers connected and built on top of Coinweb are using the solution today.

Globally, fiat is still the most adopted form of currency, enabling an easy and intuitive purchase of crypto using fiat plays a significant role in mass adoption. Equally important is the off-ramping of crypto back into fiat which delivers liquidity to the ecosystem. These two solutions complement each other in maintaining the smooth functioning and growth of the crypto industry and allow users the flexibility to switch between fiat and cryptocurrency at any given point in time.

Sitting on top of the Coinweb platform, OnRamp utilizes a stable token to track cryptocurrencies purchased and broadcast them down to underlying chains. This stable token mechanism significantly increases transaction speed to less than 30 seconds and mitigates network fees. It also provides a live Know-Your-Customer (KYC), around-the-clock localised customer service solution, together with an internal Anti-Fraud mechanism.

“Many people aren’t aware that Coinweb has been the technology behind a fiat on and off ramping solution platform called OnRamp supporting over 160,000 unique customers since the end of 2020 as a proof-of-concept,” said CEO Toby Gilbert. “One of our biggest advantages is the collection of regulatory licenses and consents acquired around the world, enabling the platform multiple fiat on and off ramping partnerships. To date, OnRamp has processed over 2 million transactions, valued at over $160 Million USD. The OnRamp platform will also serve as the base of the upcoming release of Coinweb’s wallet which will include additional features such as multi-tenancy corporate wallets and cross-chain token issuance.”

About OnRamp:

OnRamp is a boutique digital payment infrastructure platform – a group of companies operating in Asia, Europe and North America, with various digital asset licenses and consents in place. The OnRamp Platform provides a tailor-made payment flow to deliver faster processing with lower fees, and the ability to track the movement of digital assets across blockchains.

About Coinweb:

Coinweb.io is a layer-2 cross-chain computation platform that began its journey in mid-2017. With an impressive line-up of team members and a board of advisors from the worlds of traditional technology, business and blockchain, Coinweb is solving some of the most critical problems that exist within Distributed Ledger Technology today.