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Velocity Labs, a renowned participant in the DeFi and infrastructure improvement spheres, has made waves inside the crypto network with its cutting-edge declaration of a fiat-to-crypto onramp for the Polkadot environment.
This groundbreaking initiative comes from a strategic partnership with Ramp Network, a central onramp infrastructure issuer for Web 3. Through the integration of Asset Hub, Velocity Labs targets revolutionizing accessibility to decentralized finance (DeFi) in the Polkadot community.
Historically, onramps from fiat to crypto have posed giant challenges, appearing as essential limitations to access for individuals seeking to participate within the burgeoning DeFi space. However, Velocity Labs, in collaboration with Ramp Network, is poised to alleviate those obstacles by providing an unbroken pathway for customers to convert traditional fiat currencies into cryptocurrencies in the Polkadot atmosphere.
Objectives of the Partnership
The genesis of this partnership dates back to November of the previous year when Velocity Labs initiated discussions with Ramp Network. The primary objective is to optimize Asset Hub’s accessibility and unleash its total capacity inside the Polkadot blockspace surroundings.
Asset Hub is a machine parachain, functioning as the nucleus for property inside the Polkadot community. It allows the introduction, control, and utilization of property, playing a pivotal role in the emission of tokens similar to ERC-20, the standard using DeFi on the Ethereum blockchain.
Despite its essential role, Asset Hub has encountered constraints, especially concerning user experience (UX) and developer revelry (DevEx). Recognizing the importance of the Asset Hub, Velocity Labs has been diligently addressing those barriers to enhance its functionality and usability.
Benefits of the Partnership
Despite its essential role, Asset Hub has encountered constraints, especially concerning user experience (UX) and developer revelry (DevEx). Recognizing the importance of the Asset Hub, Velocity Labs has been diligently addressing those barriers to enhance its functionality and usability.
Ramp Network, famed for its prowess in bridging the crypto financial system with the worldwide financial infrastructure, brings a wealth of expertise. Ramp Network empowers groups and individuals throughout 150 international locations to seamlessly convert between cryptocurrencies and fiat currencies through its suite of on- and off-ramp solutions.
Leveraging integration with essential payment methods such as debit and credit cards, financial institution transfers, Apple Pay, and Google Pay, Ramp Network ensures a streamlined and frictionless user experience.
Velocity Labs, an organization based on Polkadot veterans and DeFi experts, is on a project to propel the Polkadot blockspace environment into a vibrant hub for DeFi innovation. With a dedication to constructing vital market infrastructure and tooling, Velocity Labs is devoted to unlocking Polkadot’s total capacity.
In the middle of this groundbreaking initiative, Velocity Labs is actively searching for talented builders to join its ranks and contribute to introducing an efficient and resilient ecosystem for DeFi on Polkadot. Builders inquisitive about participating with Velocity Labs are encouraged to fill out the supplied form on their website.
As the crypto landscape continues to build partnerships like the one between Velocity Labs and Ramp Network, this underscores the developing momentum toward greater accessibility and innovation inside the decentralized finance sector. With the release of the fiat-to-crypto onramp, the Polkadot atmosphere is primed to witness a surge in the pastime, using the vision of a decentralized financial destiny.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
