London, UK, December 19th, 2024,
Chainwire
Harbour, in partnership
with Velocity Labs, announces
the launch of their stablecoin payment system “Magic Ramp”,
connecting SEPA Instant payment rails with Polkadot. This
collaboration seamlessly integrates TradFi banking systems into
Web3, providing efficient, low-cost payment solutions.
Magic Ramp allows Euros to be sent from
any bank account and received as USDC on-chain in less than 30
seconds, with minimal fees while funds held in Web3 wallets can be
received as Euros in bank accounts with the same speed. For the
first six weeks following the launch, these bank-to-on-chain
transactions will be available at no cost. Through this
partnership, developers can now issue virtual IBANs that are linked
to Polkadot wallet addresses and bridge SEPA Instant payment rails
in Europe with the Polkadot Asset Hub.
James Brownlee, CEO of Harbour, shared, “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.”
Potential use cases include efficient
on-and-off ramps for Web3 users, stablecoin payment gateways for
merchants who prefer receiving Euros, international payroll, bill
payments, and cross-border remittances.
Nicolas Arevalo, CEO of Velocity Labs, stated “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 makes it simple
for traditional banking entities to integrate with Web3 in a way
that addresses practical challenges in payments to meet evolving
market needs.
For more information, users can visit
Harbour.fi or try out the Magic Ramp at https://ramp.harbour.fi/polkadot
For media inquiries, users may contact Jonathan Duran at
Jonathan@Distractive.xyz
About Harbour
Harbour.fi is an innovative payments platform
bridging traditional banking and blockchain rails with
Stablecoins. Harbour is headquartered in the United Kingdom
with a branch in Poland, EU.
About Velocity Labs
Velocity Labs is a core
contributor to Polkadot, dedicated to transforming it into the
premier platform for DeFi development in Web3. As strategic
partners, we empower builders and infrastructure providers with
comprehensive support across business development, go-to-market
strategy, engineering support, and product strategy.
Contact
Comms & PR
manager
Jonathan
Duran
Distractive
jonathan@distractive.xyz
