Harbour and Velocity Labs Unveil Magic Ramp Stablecoin Payment System

Introduction to Magic Ramp

Harbour, in collaboration with Velocity Labs, has launched the Magic Ramp stablecoin payment system, aiming to revolutionize the integration of traditional finance with Web3 technology. This innovative solution connects SEPA Instant payment rails with Polkadot, facilitating efficient and low-cost transactions.

Seamless Euro to USDC Conversion

Magic Ramp enables the conversion of Euros from any bank account into USDC on-chain in under 30 seconds, ensuring minimal fees. Conversely, it allows funds in Web3 wallets to be converted back to Euros in bank accounts with the same efficiency. This service is offered at no cost for the initial six weeks post-launch.

Virtual IBANs and Polkadot Integration

Developers can now issue virtual IBANs linked to Polkadot wallet addresses, bridging SEPA Instant payment rails in Europe with the Polkadot Asset Hub. This integration enhances the design space for developers focused on stablecoin solutions, enabling a range of use cases such as stablecoin payment gateways, international payroll, and cross-border remittances.

Strategic Partnership and Market Expansion

The partnership leverages Polkadot’s infrastructure for instant, low-cost stablecoin transfers, aligning with Harbour's mission to make blockchain interoperable with traditional banking systems. This collaboration addresses practical challenges in payments, meeting evolving market needs and expanding opportunities for developers and businesses in the Web3 space.

Conclusion

Harbour's Magic Ramp offers a practical solution for bridging traditional banking with blockchain technology, making stablecoins more accessible with negligible fees. This initiative supports the seamless integration of stablecoins in Polkadot, enhancing the potential for diverse financial applications and driving innovation in the digital payment landscape.