CoinSwap Space, the decentralized exchange on the Binance Smart Chain, has announced an integration with Ramp that will simplify getting involved in DeFi. Ramp is a fiat onramp which 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 kind of crypto purchases directly onto non-custodial wallets via Ramp and 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 is able to 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.
CoinSwap is the first decentralized swap protocol to integrate a fiat onramp as part of its service. The innovative new integration with Ramp will allow CoinSwap swappers to transfer FIAT directly into crypto tokens without the need for going through a centralized exchange. 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. The combination of a KYC service with a decentralized exchange is a brand new concept and 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.
The crypto sphere has long been something of a wild west. It was a place where people could move huge amounts of money completely anonymously and free from any kind of regulation. Although criminality within the crypto sphere is overstated by the media, there nevertheless existed a significant minority who would use crypto to disguise illegal activity.
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.
It is worth emphasizing that CoinSwap remains entirely decentralized and does not require any registration or KYC. It is only investors who wish to avail of Ramp’s onboarding process that must provide their identity information to Ramp.
CoinSwap is built on the idea of making DeFi accessible to everybody. Integration with Ramp removes a stumbling block and simplifies the process for even the most inexperienced investors. 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 into the space as crypto moves towards mass adoption.