Harbour and Velocity Labs launch Magic Ramp, connecting SEPA with Polkadot for seamless, low-cost stablecoin payments - IcoHolder.
Harbour, in collaboration with Velocity Labs, has officially unveiled their groundbreaking stablecoin payment system, Magic Ramp. This new platform connects the SEPA Instant payment rails with the Polkadot blockchain, enabling efficient, low-cost payments that seamlessly bridge the world of traditional finance (TradFi) with Web3.
Magic Ramp facilitates instantaneous and cost-effective transactions, allowing users to send Euros from any bank account and receive USDC, a popular stablecoin, on-chain in less than 30 seconds. With minimal fees, the system also allows funds held in Web3 wallets to be converted back into Euros and sent to bank accounts with the same speed and low cost.
For the first six weeks following its launch, Magic Ramp transactions will be entirely free, providing users with an excellent opportunity to experience the system’s capabilities. This launch also introduces a key feature for developers: the ability to issue virtual IBANs linked to Polkadot wallet addresses, bridging SEPA Instant payment systems with the Polkadot Asset Hub.
James Brownlee, CEO of Harbour, expressed excitement about the integration, stating, “Polkadot’s infrastructure enables instant, low-cost stablecoin transfers, which aligns with our goal of making blockchain interoperable with traditional banking. This partnership expands the design space for developers working on stablecoin-based solutions.”
The collaboration presents exciting new possibilities for Web3 users and businesses alike. Magic Ramp can serve as an efficient on- and off-ramp solution for stablecoins, enabling businesses to receive payments in Euros, international payroll solutions, bill payments, and even facilitating cross-border remittances.
Nicolas Arevalo, CEO of Velocity Labs, also highlighted the advantages of this collaboration: “Among all the on-ramp providers we've worked with, Harbour stood out by blending the convenience of on-ramps with the speed and cost of CEX on-ramping. This will allow stablecoins in Polkadot to become seamlessly accessible with negligible fees.”
Harbour’s Magic Ramp is designed to address practical challenges faced by traditional financial institutions looking to integrate with Web3. By offering fast, low-cost stablecoin transactions, it is paving the way for smoother interactions between traditional banking systems and blockchain networks, offering a solution that meets the evolving needs of the digital payments market.
As this collaboration continues to evolve, Magic Ramp promises to redefine the way users and developers interact with both fiat and digital currencies, with a focus on efficiency, security, and accessibility.
