Harbour and Velocity Labs have unveiled Magic Ramp, a stablecoin payment solution that integrates SEPA Instant payment systems with the Polkadot ecosystem. This innovation heralds a new era of seamless, efficient, and cost-effective financial transactions between traditional banking systems and Web3 technology.
Revolutionizing Stablecoin Payments
Magic Ramp enables users to send Euros from any SEPA-enabled bank account and receive USDC on-chain in less than 30 seconds, with minimal fees. Conversely, funds held in Web3 wallets can be swiftly transferred to bank accounts in Euros. To incentivize adoption, these transactions will be fee-free for the first six weeks post-launch. Additionally, developers can leverage virtual IBANs linked to Polkadot wallet addresses, bridging the gap between SEPA Instant payment rails and the Polkadot Asset Hub.
James Brownlee, CEO of Harbour, emphasized the significance of this integration, stating, “Polkadot’s infrastructure enables instant, low-cost stablecoin transfers, aligning with our mission to make blockchain interoperable with traditional banking systems.” Nicolas Arevalo, CEO of Velocity Labs, added, “Harbour’s Magic Ramp sets a new standard by blending the convenience of on-ramps with the speed and cost-efficiency of centralized exchanges.”
Use Cases for Magic Ramp
The versatility of Magic Ramp opens the door to numerous applications, including:
- Efficient On-and-Off Ramps: Simplifying fiat-to-stablecoin and stablecoin-to-fiat transitions for Web3 users.
- Merchant Payment Gateways: Allowing merchants to accept stablecoins while receiving Euros.
- International Payroll and Remittances: Providing a fast, low-cost solution for global payments.
- Cross-Border Transactions: Enabling frictionless movement of funds across borders and payment networks.
Key Features of Harbour’s Magic Ramp
- Ultra-Low Fees: Transactions are cost-effective, with fees as low as 0.5% after the promotional period.
- Unmatched Speed: Transfers are completed in under 30 seconds, offering unparalleled efficiency.
- Broad Network Coverage: Supports multiple blockchain networks and stablecoins, ensuring flexibility and ease of use.
- Compliance-Driven: Decades of expertise in regulated payments ensure adherence to robust AML and financial compliance standards.
Empowering Global Financial Operations
Magic Ramp caters to diverse stakeholders:
- Developers: APIs enable seamless integration of real-time bank-to-wallet and wallet-to-bank transfers.
- Global Teams: Facilitates instant, low-cost payments in digital assets, empowering remote workforces.
- Merchants: Simplifies the acceptance of stablecoins, converting them to local currencies effortlessly.
- Finance Teams: Streamlines global treasury operations with programmable transactions and automation.
Harbour: The Bridge Between Fiat and Web3
Headquartered in the UK, with operations in Poland, Harbour is a leader in merging traditional banking and blockchain technologies. Their vision is to eliminate friction in financial transactions, empowering businesses, platforms, and users to move assets seamlessly across currencies and networks. Magic Ramp exemplifies this mission, offering a transformative solution for the digital economy.
Velocity Labs, a core contributor to Polkadot, complements this vision by fostering the development of decentralized finance (DeFi) solutions on Polkadot. Together, Harbour and Velocity Labs are setting a new benchmark for financial innovation.
Conclusion
Magic Ramp represents a pivotal advancement in connecting the worlds of traditional banking and decentralized finance. By leveraging the strengths of Polkadot’s infrastructure and Harbour’s payment expertise, this collaboration is poised to redefine how money flows in the digital age. For more information or to explore Magic Ramp, visit Harbour.fi or try it out at Magic Ramp.