7 Benefits of Using Fiat On-Ramps in Your App
Cryptocurrencies are no longer just a novel payment method. With the rise of Web3, they sit at the heart of a new and growing ecosystem of decentralized applications that offer serious benefits to consumers in areas such as finance, video games, sports betting, the metaverse and more.
For businesses that operate in the world of Web3, it has become essential for them to offer their users the simplest way to convert their fiat money into the cryptocurrency that fuels their app ecosystems. By doing this, they gain a significant competitive advantage over those that don’t.
The best way to do this is with integrated crypto on-ramps and off-ramps, offered by companies such as Transak, Moonpay and Ramp. These crypto on-ramp industry leaders are a gateway to the world of cryptocurrencies, enabling dApp users to quickly convert their local currency into digital tokens. They also provide crypto off-ramps, which are just as important, giving users a simple way to cash out their crypto within dApps and receive the equivalent value in fiat.
The utility provided by crypto on-ramps is not to be underestimated. Let’s take a look at seven compelling reasons why every dApp needs to integrate one.
1. Simpler crypto purchasing process
Perhaps the most obvious reason for a dApp to integrate a crypto on-ramp is to facilitate the seamless purchase of the crypto assets that their users are going to require. If your dApp doesn’t have an on-ramp, obtaining the relevant crypto is a tricky business. Most consumers will head to a cryptocurrency exchange such as Binance, where they’ll have to open an account, verify their identity, and then, after purchasing the crypto they need, they’ll suddenly realize they need to create a digital wallet, transfer their funds into it, and take steps to secure that wallet.
Further complicating matters is that not every crypto exchange lists the tokens consumers may desire. They may have to spend ages searching through different exchanges before they find one that has what they’re looking for. Unsurprisingly, many consumers won’t even bother, and will simply give up on using the dApp altogether.
By integrating a simple crypto on-ramp directly into your dApp, you can save users an awful lot of time and headaches, enabling them to buy the desired crypto in a few simple clicks.
2. Better crypto security
There are plenty of less obvious advantages of crypto on-ramps too, such as the strong security they offer. The likes of Transak and Moonpay both implement AML and KYC mechanisms to protect their customers against fraudsters, ensuring they can transact safely.
3. Solid customer support for purchasing crypto
Crypto transactions sometimes go wrong, or consumers who are new to the process might just get confused. That’s why it’s essential to provide customer support services around the click. The biggest on-ramp providers have all created professional customer support teams that are on hand at any time of day or night to immediately deal with user’s concerns and queries in a straightforward manner.
This kind of support looks good for the dApp that has integrated that service, indicating that it cares about helping its users to resolve their payment issues in a timely manner.
4. An extensive range of crypto assets
Consumers like choice and the best crypto on-ramps provide plenty of it. Transak, for instance, makes it simple to buy more than 170 tokens directly with fiat, including major ones like Bitcoin, Ether and Solana, plus dozens of more obscure ones, including Sandclock and Probinex. Moonpay offers an extensive choice too, with 127 supported tokens listed, while Ramp’s support extends to 108 cryptocurrencies.
dApps that support multiple cryptocurrencies and offer easy access to them can target a much wider audience by doing so.
5. Multiple payment options with fiat
Many cryptocurrency exchanges are extremely limited in the kinds of fiat payment options they support, which makes life very difficult for people trying to obtain crypto. But crypto on-ramps are working exceptionally hard to support as many fiat payment methods as they can, in order to cater to the millions of people worldwide that don’t have a credit card, for example, or can’t use a service such as Apple Pay or Google Pay.
By integrating with a crypto on-ramp, dApps can provide their users with the broadest selection of supported payment methods for fiat-to-crypto transactions, ensuring that as many as possible will be able to purchase the tokens they desire.
6. Simple integration for blockchain developers
Another good reason for dApp developers to want to integrate crypto on-ramps is that doing so involves hardly any effort at all. As an example, Transak offers three types of integration for developers, including a browser integration that involves adding a button or directly embedding its widget by pasting a few lines of code.
Alternatively, developers can opt for the SDK integration that adds the Transak widget to their dApp using Angular, JavaScript, React or Vue, or a mobile integration that’s compatible with Android, iOS and React Native.
Some on-ramps also provide white-label on-ramp integrations that enable dApp developers to keep their own branding and UI, with all of the processes performed by the third-party on-ramp.
7. Lower costs to purchase crypto
Last but not least, crypto on-ramps offer some of the best deals on purchasing cryptocurrency thanks to their extensive coverage of so many tokens and their support for multiple payment options. They can process transactions at lower costs because they cut out the cryptocurrency exchange middleman, who typically always takes a fee. On-ramps support direct purchases that make them more cost-effective for your dApp users.
Conclusion: Crypto on-ramps are a must-have
As the Web3 industry continues to grow, dApp developers are likely to face more competitors for the services they offer. The simplification of crypto purchases is a red-hot trend in the industry, with a growing number of dApps seeking to gain an edge over their rivals by offering cheaper and more efficient crypto purchases.
Crypto on-ramps simplify the onboarding process for dApp users, ensuring a convenient, lower-cost and more secure crypto purchasing experience that every dApp user will appreciate.
