Gnosis Venture Studios Introduces uRamp to Simplify On-Chain Asset and Fiat Currency Transactions

According to Blockworks, Gnosis Venture Studios has announced the launch of uRamp, a platform designed to facilitate transactions between on-chain assets and traditional fiat currencies. Gnosis Venture Studios is a division of Gnosis, known for developing on-chain finance solutions such as Safe and Gnosis Pay. The new platform aims to address the issue of high onboarding fees associated with crypto exchanges and dedicated applications like MoonPay, which charges 1% for bank transfers and 4.5% for Visa cards. uRamp operates on Gnosis Chain and is compatible with any Ethereum Virtual Machine (EVM) chain, allowing the conversion of ERC20 tokens directly to and from users' offchain bank accounts. Gnosis Chain is fully Ethereum compatible and is part of Gnosis' mission to build a future where global payments are settled via community-owned, secure, and open infrastructure, according to Stefan George, co-founder of Gnosis. The uRamp platform is complementary to Gnosis Pay, which enables users to spend stablecoins directly from a linked Safe on Gnosis Chain using a Visa debit card. Several other efforts to provide similar services are underway by established players like Consensys and Mastercard, as well as newcomers like Cross Finance and Beam. Both Pay and uRamp initially focus on the euro stablecoin EURe, issued by Monerium. Gísli Kristjánsson, chief technology officer of Monerium, said the platform targets the underserved EUR market and believes that seamless conversion between traditional and digital assets is key to accelerating crypto adoption. uRamp avoids the trading fees charged by centralized exchanges and more expensive intermediaries, while providing Web3 users with an International Bank Account Number (IBAN). LI.FI's liquidity aggregation technology allows uRamp users to access liquidity for trades across various blockchains, including Gnosis, Polygon, and Ethereum.