Harbour Joins Forces with Velocity Labs to Launch Instant Stablecoin Payment Between EU Banks and Polkadot
Harbour, collaborating with Velocity Labs, unveils the launch of their innovative stablecoin payment system Magic Ramp, seamlessly bridging SEPA Instant payment rails with the Polkadot ecosystem. This partnership effortlessly merges traditional finance banking frameworks with Web3, delivering streamlined, cost-effective payment solutions.
Magic Ramp enables seamless transfers of Euros from any bank account, converting them into USDC on-chain in under 30 seconds, all while keeping fees to a minimum. Additionally, funds stored in Web3 wallets can be swiftly converted back to Euros in bank accounts, maintaining the same rapid processing time. During the initial six weeks post-launch, users can take advantage of bank-to-on-chain transactions completely free of charge. This collaboration empowers developers to create virtual IBANs connected to Polkadot wallet addresses, seamlessly integrating SEPA Instant payment rails in Europe with the Polkadot Asset Hub.
James Brownlee, CEO of Harbour, shared, Polkadots 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.
Possible applications encompass streamlined on-and-off ramps for Web3 participants, stablecoin payment solutions for merchants favoring Euro transactions, global payroll systems, bill settlement, and cross-border remittance services.
Harbours Magic Ramp streamlines the integration of traditional banking entities with Web3, tackling real-world payment challenges to adapt to the ever-evolving market landscape.
To dive deeper, users can explore Harbour.fi or check out the Magic Ramp at https://ramp.harbour.fi/polkadot.
For any media inquiries, reach out to Jonathan Duran at Jonathan@Distractive.xyz.
Text source: ZyCrypto
