Written by A fiat onramp, often called a crypto on ramp, is the process of converting traditional fiat currencies into cryptocurrencies on an exchange platform. Simplifying the onramp experience is critical to making crypto accessible for mainstream users, and fintech products can leverage APIs to build an integrated onramp and offramp platform with minimal friction.
Steps to Building a Crypto Onramp Platform
To get started, select a reliable fiat-to-crypto onramp API provider, such as Striga, which offers a streamlined, two-step KYC/AML verification process. This allows you to build and test your product in a public sandbox environment before going live.
After developing the product, rigorous testing helps ensure a smooth user experience at launch. With an API solution, you can easily onboard users, enabling them to swap fiat for crypto at market rates. Simply integrate the KYC SDK into your app, start onboarding European users, and offer features like deposits, withdrawals, and crypto purchases.
Upon successful verification, each user is provided with a default wallet, containing accounts for each supported currency. By enriching these accounts with deposit credentials and dedicated crypto addresses, users gain unique identifiers for secure blockchain interactions.
To enhance usability, you can also offer exchange wallets with vIBANs and branded physical or virtual crypto cards. These features allow users to make direct crypto transactions for daily purchases, with funds deducted seamlessly from their linked accounts.
Key Considerations for Launching a Fiat-to-Crypto Onramp Platform
When developing a crypto onramp platform, there are two essential factors to keep in mind:
Regulatory Compliance: A clear understanding of the legal requirements in your operating country is critical. Work with legal experts to ensure that your platform meets licensing requirements and adheres to local regulations.
KYC and AML Measures: Implementing robust KYC/AML protocols is essential for verifying user identities and preventing fraud. This not only ensures compliance but also promotes user trust by maintaining a secure and reliable platform.
By focusing on a streamlined onramp experience and prioritizing regulatory compliance, you can create a platform that appeals to both new and experienced users, helping drive broader adoption of crypto.