London, England, October 29th, 2024,
Chainwire
Ramp Network, the financial technology company
building payment rails connecting crypto to the global financial
system, is expanding its crypto-to-fiat off-ramp support to SPEI.
With this, Ramp Network now supports real-time Mexican Peso (MXN)
payouts to Mexican user's local bank accounts, 24 hours a
day.
SPEI, or Sistema de Pagos Electrónicos Interbancarios, is a
real-time payment system connected to all major Mexican banks,
enabling fast and secure bank transfers in seconds. By integrating
SPEI, Ramp Network provides Mexicans with a simple, convenient, and
reliable way to sell crypto and instantly receive fiat currency in
their bank accounts.
As one of the leading providers of fintech infrastructure in the
crypto industry, Ramp Network's mission is to lower the barrier to
entry to Web3 by making it easier for users to buy and sell
cryptocurrencies needed to interact with decentralized
applications. Available as a standalone app, Ramp Network also
integrates with third-party dApps via a simple API, enabling their
users to purchase crypto.
Mexico has emerged as one of the key markets for Ramp Network as
it accelerates its expansion into the LATAM region, ranking 16th
globally in the latest edition of Chainalysis' crypto adoption
index. The country is
also among the top 20 nations worldwide in terms of crypto
transaction volume, and it's
estimated that 14% of all Mexicans now
own crypto. Studies show that 40% of Mexican
companies are exploring ways they can integrate blockchain
technologies into their business processes, underscoring the
country's status as a major hub of crypto and fintech
innovation.
Ramp Network is leading the charge in terms of crypto off-ramps,
pioneering payouts in EUR, USD, and GBP globally. This year, it
added support for payouts in more than 35 local currencies,
including MXN. Building on that, Ramp Network now becomes the first
major crypto off-ramp to support MXN payouts via SPEI bank
transfers, providing Mexican crypto users with a seamless,
cost-effective, and reliable crypto-to-fiat experience.
Szymon Sypniewicz, CEO of Ramp Network, commented: "We’re
incredibly proud to enhance our support for Mexican users with the
integration of SPEI. Now, people in Mexico can convert their crypto
into fiat in seconds, with lower fees and reduced friction. This
move builds on our mission to make crypto accessible everywhere,
especially where it’s needed most. It also creates new
opportunities for both local Web3 builders and our global partners
looking to expand their footprint in Latin America."
SPEI provides key benefits over traditional payout methods, with
a flat 2.9% fee charged on all transactions which is significantly
lower than the fees charged by most MXN cards. By using SPEI,
customers lower the risks of card-related issues such as rejected
transactions and verification failures. Moreover, SPEI operates
24/7, 365 days a year, including holidays, making it a reliable and
immediate payout method for MXN transactions.
Users can sell any supported cryptocurrency via SPEI in just a
few clicks. To get started, users simply select the amount of
crypto they want to sell, choose Mexico as their country, select
MXN as the currency, and select SPEI as the payout method. After
entering the sender's wallet address and sending the funds to Ramp
Network's wallet, they'll receive MXN in their bank account via
SPEI within 30 seconds or less.
For their first SPEI transaction, users will be required to
enter their bank's CLABE (IBAN-equivalent) number, plus their full
name and tax ID, which will then be saved for future
transactions.
The expansion is a strategic move, in line with Ramp Network's
mission to provide more convenient, localized services to Latin
American crypto users. It's doing this by offering a reliable and
cost-effective payment and payout methods. The company, which
provides a similar experience for Brazilian users with PIX, is
planning to build on this partnership in the near future by adding
support for SPEI on-ramp transactions. That feature is set to
launch in the coming weeks.
SPEI's rapid growth in the last year has made it one of the most
popular payment systems in Mexico. In 2023, the network processed
an average of 80.9 million payments per month, including a record
279.3 million transactions, or approximately 6,257 payments per
minute, in March of that year. SPEI believes its network will
continue to grow, and expects its number of transactions to more
than double by 2027.
About Ramp Network
Ramp Network is a financial technology company
building solutions that connect the crypto economy with today’s
global financial infrastructure. Through its core on- and off-ramp
products, Ramp Network provides businesses and individuals across
150+ countries with a streamlined and smooth experience when
converting between cryptocurrencies and fiat currencies. Ramp
Network is fully integrated with the world’s major payment methods,
including debit and credit cards, bank transfers, Apple Pay, Google
Pay, and more.
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