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Velocity Labs and Ramp Network Revolutionize Polkadot DeFi with New Fiat-to-Crypto Onramp

Velocity Labs Announced A Fiat To Crypto Onramp Using Ramp Network

Tired of the crypto onramp struggle? For years, bridging the gap between traditional fiat currency and the exciting world of decentralized finance (DeFi) has been a major headache. Those clunky, complicated processes to convert your dollars or euros into crypto? Thankfully, those days are fading fast! Enter Velocity Labs and Ramp Network, who are teaming up to make accessing the Polkadot ecosystem smoother than ever before.

Velocity Labs and Ramp Network Join Forces for Seamless Crypto Access

In a move set to significantly enhance DeFi accessibility within the Polkadot ecosystem, Velocity Labs has announced a groundbreaking integration with Ramp Network. This collaboration introduces a new fiat-to-crypto onramp directly into Velocity Labs’ Asset Hub, promising a much smoother entry point for users looking to dive into Polkadot’s vibrant DeFi space.

What does this mean for you? Essentially, Ramp Network’s powerful infrastructure will now be available to service any chain or parachain within the Polkadot ecosystem through Velocity Labs’ Asset Hub. This is a game-changer, simplifying the often-complex process of converting fiat currency into crypto assets needed to participate in Polkadot’s DeFi opportunities.

Why is a Fiat-to-Crypto Onramp a Big Deal?

Let’s face it, getting your fiat currency into crypto has often felt like navigating a maze. This friction has been a significant barrier to wider DeFi adoption. However, forward-thinking teams like Velocity Labs and Ramp Network recognized this early on and have been diligently working to build bridges. They’ve been collaborating with regulators, payment processors, and credit card issuers to create seamless and compliant solutions.

This partnership between Velocity Labs and Ramp Network aims to dismantle those high barriers to entry, making crypto more accessible to everyone. The discussions between Velocity Labs and Ramp began in November 2023, culminating in this exciting integration.

Ramp Network: The Onramp Infrastructure Powerhouse

So, who is Ramp Network? They are a leading provider of onramp infrastructure for Web3. Think of them as the financial technology experts building the critical connections between the traditional financial world and the burgeoning crypto economy. Ramp’s on and off-ramp products are designed to provide both businesses and individuals with a streamlined, user-friendly experience for converting between cryptocurrencies and fiat currencies.

Velocity Labs’ primary goal in this collaboration was clear: to supercharge the accessibility of Asset Hub and unlock its full potential within the Polkadot ecosystem. And with Ramp Network’s robust infrastructure, they are well on their way to achieving that.

Velocity Labs, for those unfamiliar, is a dedicated DeFi and infrastructure company. Their mission is to transform the Polkadot blockspace ecosystem into a thriving hub of DeFi innovation. This onramp integration is a significant step towards realizing that vision.

See Also: Stripe Enables Merchants To Accept USDC Payments on Ethereum, Solana and Polygon

Asset Hub: The Heart of Polkadot’s Assets

What exactly is Asset Hub and why is it so important? Imagine Asset Hub as the central ‘home base’ for assets within the expansive Polkadot ecosystem. As a system parachain, it plays a crucial role in the Polkadot landscape. Its core functions include:

  • Asset Creation and Management: Asset Hub facilitates the easy creation and management of various assets within the Polkadot ecosystem.
  • Polkadot’s Native Asset Hub: It has a trusted relationship with Polkadot’s Relay Chain, enabling the seamless transfer of the native DOT token from the Relay Chain to Asset Hub.
  • DeFi Enabler: Asset Hub is pivotal for the issuance of tokens similar to ERC-20 tokens on Ethereum – the backbone of DeFi. This is crucial for the anticipated resurgence and growth of DeFi on the Polkadot Network.

Addressing Asset Hub’s Challenges

While Asset Hub is powerful, it does have some limitations, particularly concerning user experience (UX) and developer experience (DevEx). Velocity Labs is actively working to overcome these constraints, aiming to unleash the full power of Asset Hub and make it even more user-friendly and developer-centric.

Polkadot (DOT) Price Update

Let’s briefly touch on Polkadot’s (DOT) price. Currently, DOT is experiencing some bearish pressure. After facing resistance at the 20-day Simple Moving Average (SMA), DOT has seen a slight downturn since Tuesday.

Initially, DOT was trading between the 20-day and 200-day SMAs. However, the price broke below the 200-day SMA support level on Tuesday, dropping below $7 to around $6.92. Subsequent trading sessions saw further minor declines, with DOT closing Friday at $6.76.

Currently, DOT has support around the $6.50 level, which might provide some price stabilization. However, if sellers push the price below this level, further drops towards $6 are possible. On the upside, the 200-day SMA is now acting as resistance around the $7 mark.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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In Conclusion: A Leap Forward for Polkadot DeFi

The integration of Ramp Network’s fiat-to-crypto onramp into Velocity Labs’ Asset Hub is a significant step forward for the Polkadot ecosystem. By simplifying the process of converting fiat to crypto, this partnership paves the way for increased accessibility and participation in Polkadot’s growing DeFi landscape. As Velocity Labs continues to enhance Asset Hub and Ramp Network provides its seamless onramp solutions, we can expect to see a more inclusive and user-friendly Polkadot DeFi experience in the near future. This collaboration truly marks a new era of accessibility for the Polkadot ecosystem and DeFi as a whole.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.