CoinSwap Space to provide cryptocurrency purchases via Ramp Network
By Edlyn Cardoza
CoinSwap Space, the decentralized exchange on the Binance Smart Chain, has announced an integration with Ramp to simplify getting involved in DeFi. Ramp is a fiat onramp that does not require any proof of address to be uploaded by the customer. This partnership will allow users to purchase crypto through CoinSwap Space directly to their Metamask or many other wallets using a credit card or bank transfer. CoinSwap is the first DEX to implement these kinds of crypto purchases directly onto non-custodial wallets via Ramp. The partnership demonstrates the exchange’s commitment to making DeFi accessible to the average retail investor. The partnership is the latest in a long line of tools that CoinSwap has released, focusing on streamlining the DeFi processes.
CoinSwap Space is a suite of DeFi tools that allows its users to engage in a myriad of different DeFi functions through one easy to use protocol. With CoinSwap, users can add capital to liquidity pools, stake tokens, and yield farm all on one easy-to-use interface. Thanks to the efficiency of BSC, CoinSwap can deliver these processes with incredibly low transaction fees. Even relative to major DEXes on BSC, CoinSwap can deliver rock bottom fees, charging 20% less than BSC’s largest DEX, PancakeSwap.
Adapting to the decentralized world can be complex for new investors. Ramp provides simple access to DeFi even for those who are relatively unfamiliar with the processes associated with it.
Ramp will work as a widget built into the CoinSwap interface. The conversion of FIAT to crypto will be handled on the operator’s site, meaning that the transaction is conducted entirely by Ramp. However, it will all take place without the user ever needing to leave the CoinSwap App.
As a registered fiat onramp, Ramp will sometimes request users to complete KYC. Combining a KYC service with a decentralized exchange is a brand-new concept. It will take some getting used to, especially for those investors who value the anonymity that crypto is known for. However, it is also an indication of a shift in philosophy that crypto and DeFi is currently undergoing.
As crypto becomes more mainstream and institutions start to become investors, it becomes necessary that there is a greater degree of transparency and legitimacy in the space. Integrations such as those between Ramp and CoinSwap are part of the future of crypto, where the decentralizing power of blockchain is combined with transparency, making the space safe for investors, both large and small.
As DeFi becomes mainstream, it is vital that the protocols are aimed towards the mainstream. The integration with Ramp positions CoinSwap Space to cater to a wave of new DeFi users that will enter the space as crypto moves towards mass adoption.
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