CoinSwap Space, a decentralized exchange on the Binance Smart Chain, has integrated with Ramp, a move the two say will simplify DeFi activity. 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 wallet using a credit card or bank transfer. This partnership is the latest in a line of tools CoinSwap has released which focus on streamlining the DeFi processes.
With CoinSwap, users can add capital to liquidity pools, stake tokens, and yield farm all on one interface. The Ramp integration allows CoinSwap swappers to transfer fiat directly into crypto tokens without the need for going through a centralized exchange.
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. It will take place without the user ever needing to leave the CoinSwap App.
A registered fiat onramp, Ramp will sometimes request users to complete KYC. 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.
CoinSwap itself remains entirely decentralized and does not require any registration or KYC. It is only investors who wish to use Ramp’s onboarding process that must provide their identity information to Ramp.
As DeFi becomes mainstream it is important 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.