An on-ramp in the context of cryptocurrency refers to converting their fiat currency (such as USD, EUR, GBP) into cryptocurrencies. On-ramping is performed by platforms that typically involve exchanges or financial services that facilitate the buying of crypto using traditional banking methods like credit cards or bank transfers.
On-ramps play a crucial role in the cryptocurrency ecosystem by bridging the traditional financial world and the cryptocurrency space. Platforms like BoomFi, Binance, and Kraken are examples of on-ramp platforms. They enable new users to enter the crypto market by making the process of purchasing cryptocurrencies straightforward and compliant with regulatory standards. On-ramps are essential for the growth and adoption of cryptocurrencies, as they simplify the transition from fiat to crypto for a broader audience.
