Gnosis Venture Studios, a division of Gnosis renowned for pioneering on-chain finance solutions like Safe and Gnosis Pay, has introduced uRamp. This innovative platform serves as a bridge between on-chain assets and traditional fiat currencies, addressing the longstanding challenge of facilitating transactions between Web3 dapps and fiat.
The adoption of Web3 dApps has often been hindered by the lack of accessible and cost-effective on- and off-ramps. Existing solutions like MoonPay, known for their relatively high fees, have posed a barrier to entry for many users. In response, Gnosis developed uRamp to streamline the process of converting between fiat and crypto assets.
We are proud to unveil uRamp, a groundbreaking on & off ramping solution for the Gnosis Chain ecosystem!
uRamp leverages @monerium’s regulated euro stablecoin and @lifiprotocol’s liquidity aggregation technology to seamlessly move euros from the bank to the blockchain and back. pic.twitter.com/9xHnhs5vwB
— Gnosis Chain 🦉 (@gnosischain) March 18, 2024
Powered by Gnosis Chain and compatible with any EVM (Ethereum Virtual Machine) chain, uRamp enables users to seamlessly convert ERC20 tokens directly to and from their off-chain bank accounts. The platform’s partnership with licensed stablecoin issuer Monerium ensures smooth transactions, with Monerium currently not charging fees.
Stefan George, co-founder of Gnosis, emphasized the platform’s role in revolutionizing the Web3 payments landscape. By providing a more cost-effective and efficient alternative, uRamp aligns with Gnosis’ broader mission of establishing community-owned, secure, and open infrastructure for global payments settlement.
The launch of uRamp complements Gnosis Pay, another offering by Gnosis that enables users to spend stablecoins directly from their Safe on Gnosis Chain using a Visa debit card. With established players like Consensys and Mastercard, as well as newcomers like Cross Finance and Beam, also entering the space, the competition in the sector is intensifying.
Overall, uRamp represents a significant step towards democratizing access to decentralized finance and accelerating the adoption of Web3 technologies. With its user-friendly interface, low fees, and seamless integration with traditional banking systems, uRamp aims to bridge the gap between traditional finance and the decentralized future.
