On the surface, a crypto on-ramp allows users to convert their fiat currencies (such as USD, EUR, GBP) into cryptocurrencies (such as Bitcoin, Ethereum, etc.). It’s essentially the entry point for individuals who wish to purchase cryptocurrencies using traditional money. But, why is it important that we develop good on-ramps?
Globally, the cryptocurrency ownership rate is at 6.8%, with over 560 million cryptocurrency owners. Sure, this figure represents significant growth, an increase of around 8,000% since 2016, but there’s still a long way to go.
One of the greatest barriers to widespread adoption is accessibility. In other words, newcomers often find it challenging to acquire cryptocurrencies using the traditional fiat currencies they are familiar with. Fiat on-ramps provide a seamless bridge, allowing users to easily purchase cryptocurrencies directly with their local fiat currency via bank transfers, credit/debit cards, or other payment methods. This significantly lowers the entry barriers.
