The next millions of users coming into the crypto ecosystem will come from applications and games that are yet to be built. To successfully onboard these users into the ecosystem, it will be crucial to have a robust and scalable fiat-to-crypto infrastructure.
Tapping into the potential of the sector is The Netherlands-based fiat-to-crypto gateway aggregator, Onramper. The platform has raised $6 million in seed funding to accelerate the product roadmap and quadruple headcount over the next six months. The round was led by EQT Ventures, with participation from Backed VC and TRGC.
Providing a hub for fiat gateways and app developers that’s fast and easy to set up, the startup supports all currencies and payment methods in the fiat gateways aggregated within the platform.
Fiat gateway companies emerged to provide fiat-to-crypto onramping infrastructure for any crypto-platform. They also help banish technological and compliance difficulties for developers, who are often constrained by legal and regulatory issues across different geographies.
Founded in June 2020 by Thijs Maas (CEO), Salah Abdelbaki (CTO), and Maurits Dewina (COO), Amsterdam-based Onramper has experienced the limitations of fiat gateways first-hand. Further bridging the worlds of fiat and crypto, the platform provides access to all fiat gateways in one widget, which is free to use and fast to integrate.
Talking about getting fiat and crypto on the same platform, Thijs Maas, CEO, Onramper said: “To unlock all the benefits of cryptocurrency and Web 3.0 and empower people with access to the future of finance globally, we need to evolve beyond the common binary view that pits fiat vs. crypto. Instead, it’s time for a new paradigm that sees the two as core components of a single financial world. To accomplish this, we must create new infrastructure that inherently links both worlds seamlessly. Onramping is more than just making fiat-to-crypto infrastructure. It’s about onboarding any user onto Web 3.0, eventually, without them even noticing.”
Tom Mendoza, Deal Partner, EQT Ventures, added: “Crypto-based platforms need fiat-to-crypto conversion to onboard users but most platforms can’t sell crypto themselves. When meeting with the Onramper team, we instantly aligned with their ambition to provide a service synonymous with rapid implementation, ease of use, and cost efficiency.”
The platform’s partner fiat gateways benefit from additional transaction volumes, less integration effort, and access to new markets. Through its infrastructure, businesses and users are able to get instant access to more than 150 cryptocurrencies across over 180 countries and more than 20 payment methods, an unrivalled reach in this growing space.
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