Crypto payment solution Ramp expands on-ramp service, adds support for 40 fiat currencies

Ramp, a fintech company specializing in crypto infrastructure, has announced a significant expansion of its platform’s compatibility, adding 40 new fiat currencies.

The expansion is set to allow users to more easily transact with a variety of digital and traditional currencies across borders, while benefiting from favorable conversion rates, according to the June 21 announcement.

With its latest expansion, Ramp hopes to empower individuals in 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-ramp facilitates the acquisition of digital assets by allowing individuals to purchase or receive cryptocurrencies using fiat money. On the other hand, the off-ramp enables users to convert their cryptocurrencies back into fiat currencies.

On- and off-ramps are essential to the adoption and utility 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, increasing access, liquidity, and integration between crypto and fiat currencies.

Related: Robinhood Launches Self-Custody Wallet and Fiat-to-Crypto On-Ramp for DApps

In a recent conversation with Cointelegraph, Jameson Lopp, a bitcoin (BTC) self-custody advocate and software developer, highlighted the importance of on-ramping in cryptocurrency adoption. Lopp underlined the importance of increasing the number of on-ramps within the industry to facilitate the acquisition of bitcoin and encourage economic activity with the digital currency.

As an example, he pointed to Nostra, a decentralized social media platform that has integrated bitcoin’s layer-2 Lightning Network protocol, effectively incentivizing bitcoin usage.

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