Velocity Labs has announced a fiat-to-crypto onramp using the Ramp Network through the integration of the Asset Hub.
The crypto onramp will allow Ramp to service any chain parachain in the Polkadot ecosystem.
A New Fiat To Crypto Onramp
Fiat to crypto onramps have always been a pain point when it comes to DeFi (decentralized finance) accessibility. However, this issue was identified quite early on, and builders have been working with regulators, credit card issuers, and other payment infrastructure. With this collaboration, the high barriers of entry to crypto will be a thing of the past. Velocity Labs began talks with Ramp in November of 2023. Ramp is the leading onramp infrastructure provider for Web3. Ramp is a financial technology company building solutions connecting the crypto economy to the global financial infrastructure. The company’s on and off-ramp products provide businesses and individuals a streamlined experience when converting cryptocurrencies and fiat currencies.
Velocity Labs wanted one outcome from the collaboration: to maximize the Asset Hub’s accessibility and help it achieve its full potential. Velocity Labs is a DeFi and infrastructure company that was founded to help transform the Polkadot blockspace ecosystem into a thriving hub of DeFi innovation.
The ‘Home Base’ Of Polkadot Ecosystem Assets
Asset Hub is a system parachain and is often called the ‘home base’ of assets in the larger Polkadot blockspace ecosystem. Its primary function is facilitating the creation, management, and use of assets in the Polkadot ecosystem. As a system parachain, Asset Hub has a trusted relationship with Polkadot’s Relay Chain, enabling the porting of the DOT token from the Relay Chain to Asset Hub.
The Asset Hub also plays a crucial role in the emission of tokens similar to ERC-20 (The Ethereum standard that powers DeFi) and the imminent resurgence of DeFi on the Polkadot Network.
Some Constraints
However, Asset Hub has some constraints, especially when it comes to UX and DevEx. Velocity Labs has been tirelessly working to address these limitations and unleash the full potential of Asset Hub.
Polkadot (DOT) Price Analysis
DOT has seen bearish sentiment gather steam once again. The cryptocurrency has been in the red since Tuesday, when it registered a drop of nearly 3% after failing to get past the 20-day SMA, which was acting as a strong level of resistance. At this point, DOT was hovering between the 20-day SMA and the 200-day SMA, which was acting as support. However, this level of support was broken on Tuesday, as sellers pushed DOT down by 4.55%, below the $7 mark to $6.92.
The subsequent sessions saw drops of 0.87% and 1.46%, respectively, with DOT ending Friday at $6.76. DOT has support around the $6.50 mark, so the price could stabilize at this point. However, if sellers are able to push DOT below this level, the price could drop to $6. Thanks to the 200-day SMA, DOT faces resistance at $7.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
