Cryptocurrencies are no longer just a new payment method. With the advent of Web3, they sit at the center of a new and growing ecosystem of decentralized applications that offer serious benefits to consumers in areas such as finance, gaming, sports betting, the metaverse and more.
For companies operating in the Web3 world, it has become essential to offer their users the easiest way to convert their fiat money into the cryptocurrency that powers their app ecosystems. This gives them a significant competitive advantage over those who don’t.
The best way to do this is with integrated crypto on- and off-ramps, offered by companies like Transak, Moonpay, and Ramp. These cryptocurrency industry leaders represent a gateway to the world of cryptocurrencies, allowing dApp users to quickly convert their local currency into digital tokens. They also provide on-ramps to cryptocurrencies, which are equally important, offering users an easy way to cash out their cryptocurrencies within dApps and receive the equivalent value in fiat.
The utility provided by crypto ramps is not to be underestimated. Let’s take a look at seven compelling reasons why every dApp needs to integrate one.
1. Easier cryptocurrency purchasing process
Perhaps the most obvious reason why a dApp integrates a cryptocurrency on-ramp is to facilitate the seamless purchase of the crypto assets their users will require. If your dApp doesn’t have an on-ramp, getting its encryption is a tricky business. Most consumers will head to a cryptocurrency exchange like Binance, where they will need to open an account, verify their identity, and then, after purchasing the cryptocurrency they need, suddenly realize they need to create a digital wallet, transfer deposit their funds and take steps to protect that wallet.
Further complicating matters is that not all cryptocurrency exchanges list tokens that consumers may want. They may have to spend years searching through different exchanges before they find one that has what they are looking for. Not surprisingly, many consumers won’t even bother and will simply give up on using the dApp altogether.
By integrating a simple crypto ramp directly into your dApp, you can save users a lot of time and headaches by allowing them to purchase the crypto they want in just a few simple clicks.
2. Better cryptographic security
There are also many less obvious benefits of on-ramps to cryptocurrencies, such as the strong security they offer. Both Transak and Moonpay implement AML and KYC mechanisms to protect their customers from scammers, ensuring they can transact safely.
3. Solid customer support for purchasing cryptocurrencies
Crypto transactions sometimes go wrong, or consumers who are new to the process may simply feel confused. That’s why it’s essential to provide customer support services around the click. The largest ramp service providers have all created professional customer support teams that are available at any time of day or night to immediately handle users’ concerns and queries in an easy way.
This type of support seems positive for the dApp that has integrated that service, indicating that it cares about helping its users resolve their payment problems in a timely manner.
4. A wide range of crypto assets
Consumers like choice, and the best cryptocurrency on-ramps offer plenty of it. Transak, for example, makes it easy to purchase more than 170 tokens directly with fiat, including major ones like Bitcoin, Ether, and Solana, as well as dozens of more obscure tokens, including Sandclock and Probinex. Moonpay also offers plenty of choice, 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 thus appeal to a much broader audience.
5. Multiple fiat payment options
Many cryptocurrency exchanges are extremely limited in the types of fiat payment options they support, which makes life very difficult for people trying to obtain cryptocurrencies. But cryptocurrency on-ramps are working exceptionally hard to support as many fiat payment methods as possible, in order to cater to the millions of people around the world who don’t have a credit card, for example, or can’t use a service like this. like Apple Pay or Google Pay.
By integrating with a cryptocurrency on-ramp, dApps can provide their users with the widest selection of supported payment methods for fiat-to-crypto transactions, ensuring that as many people as possible will be able to purchase the tokens they want.
6. Easy integration for blockchain developers
Another good reason why dApp developers want to integrate cryptocurrency on-ramps is that doing so requires almost no effort. For example, Transak offers three types of integration for developers, including a browser integration that involves adding a button or directly embedding the 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 compatible with Android, iOS and React Native.
Some on-ramps also provide white label on-ramp integrations that allow dApp developers to maintain their own branding and user interface, with all processes performed by the third-party on-ramp.
7. Lower costs for purchasing cryptocurrencies
Last but not least, cryptocurrency on-ramps offer some of the best deals on purchasing cryptocurrency due to their wide coverage of so many tokens and support for multiple payment options. They can process transactions at lower costs because they eliminate the middleman of the cryptocurrency exchange, which typically always takes a commission. Ramps support direct purchases which makes them more convenient for your dApp users.
Bottom line: Cryptocurrency on-ramps are a must
As the Web3 industry continues to grow, dApp developers are likely to face more competitors for the services they offer. Simplifying cryptocurrency purchases is a red-hot trend in the industry, with a growing number of dApps looking to gain an edge over their rivals by offering cheaper and more efficient cryptocurrency purchases.
Cryptocurrency on-ramps simplify the onboarding process for dApp users, ensuring a convenient, affordable, and more secure cryptocurrency purchasing experience that every dApp user will appreciate.
