In the past 10 years, a system of alternative financial infrastructures emerged. This system is driven by both ideological and technological insights. Distributed ledgers acting as decentralized payments infrastructure have great potential. However, there is currently a gap between this innovative branch of decentralised finance (DeFi) and the traditional financial world.
In our view, fiat/non-fiat interaction is key, instead of being considered opposing forces. For the emerging world of digital assets, access to fiat-funds from the traditional financial infrastructure and vice-versa forms a barrier and slows down innovation. At Onramper, we have partnered with Amsterdam Fintech Institute (AFI) to realise our vision: improve access to fiat-funds dramatically for service providers in the digital assets sphere, in a safe, smooth and reliable way.
There is a tremendous need for access to easy-to-use fiat-onramps. At the same time, there is a fragmented market of gateways that offer fiat-onramp services. Our Onramper software allows business-users to implement a large number of exchange-gateways instantly, without the need to integrate every gateway separately. To achieve our goal, we sought a partnership with AFI: professional accelerators of start-ups in both digital assets and fintech in general. This will enable us to grow more quickly while delivering a quality product.
Combating fragmentation to improve ease-of-use
For the world of DeFi, access to digital assets is relatively easy most of the time: the entire world of cryptocurrency is digitally native and built around open-source ways of working.
Access to fiat however is unstructured. Exchange between fiat and digital assets is not offered by many financial institutions. This situation has given rise to the so-called fiat-onramps: companies that specialise in enabling a connection between currencies, countries, payment methods, etc. to enable customers to use one of the payment methods they have at their disposal to make a conversion.
Most of these onramps have a narrow focus, geographically, or are limited in payment methods available for the consumer to make an exchange. The challenge that arises then is fragmentation: business-users need to integrate multiple onramps to generate reach and serve their wide variety of customers. Onramper solves the fragmentation issue by offering access to many gateways through one interface, unlocking large reach for business users.
Thinking back to the early days of the internet, there was a similar situation as web merchants would have to integrate every bank or payment method separately. This fragmentation challenge was solved in the past 25 years by payment service providers (PSP’s). These companies aggregated a lot of payment methods into one solution and offered access to all of their integrations through one interface. In effect, Onramper is one of the first Gateway Service Providers (GSP).
Our team is ready to deliver for clients and users
The founding team came across the market need during earlier projects in the digital asset industry. Team members have developed blockchain software solutions in partnership with Binance and Neo before starting Onramper.
Onramper has now built on the first version of our interface, which allows service providers to access more than one gateway through one connection. Onramper also built a widget so any service provider is only a few lines of code away to offer their customers access to every fiat-onramp they could wish for.
In the coming months, the Onramper team will be connecting more and more gateways and improving the interface so that it becomes easier to use every day.