- Velocity Labs and Ramp Network have joined forces to enhance accessibility to Polkadot’s DeFi ecosystem by maximizing Asset Hub’s potential and offering seamless fiat-to-crypto conversions.
- Through this collaboration, they aim to break down barriers to entry, revolutionizing the landscape of decentralized finance on Polkadot.
Onramps from fiat to crypto have historically been one of the biggest pain points with regard to DeFi accessibility. Thanks to the tireless builders who identified this issue early on and have been working with regulators, credit card issuers, and other payment infrastructure providers, the high barriers to crypto entry are about to be a thing of the past.
In November of last year, Velocity Labs began talks with Ramp, the leading onramp infrastructure provider for web3. The objective was simple: maximize Asset Hub’s accessibility and get it to its full potential.
The Crucial Role of Asset Hub
Asset Hub is a system parachain considered the “home base” of assets in the Polkadot blockspace ecosystem. It enables the creation, management, and use of assets in the Polkadot network. As a system parachain, it has a trusted relationship with the Polkadot Relay Chain, allowing for porting of DOT from the Relay Chain to Asset Hub. Asset Hub is crucial for the emission of tokens similar to ERC-20 (the Ethereum standard powering DeFi on that chain) and the imminent and future resurgence of DeFi on Polkadot. However, Asset Hub has many constraints, particularly around UX and DevEx. Recognizing the potential of Asset Hub and its importance, Velocity has been working tirelessly to address these limitations.
Ramping Up Fiat-to-Crypto Conversions
Ramp is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience in converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
The Vision of Velocity Labs
Velocity Labs is a DeFi and infrastructure development company founded with the objective of transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. A team formed by Polkadot veterans and DeFi experts, Velocity Labs is committed to building critical market infrastructure and tooling to unlock Polkadot’s full potential.
In collaboration, Velocity Labs and Ramp Network aim to break down barriers to entry for individuals seeking to enter the world of decentralized finance on Polkadot. By maximizing the accessibility of Asset Hub and leveraging Ramp’s seamless fiat-to-crypto conversion solutions, they are pioneering a new era of inclusivity and convenience in the crypto space.
Velocity Labs actively seeks builders to join them in creating the most efficient and resilient ecosystem for DeFi on Polkadot. If you believe you’re a builder who can contribute to this mission, don’t hesitate to get in touch with them through their for
About the Author
