Term of the Moment
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Redirected from: fiat-to-crypto
Definition: crypto on-ramp
A service for exchanging fiat currency for crypto tokens and vice versa. A centralized exchange provides this on-ramp capability. However, in order to buy crypto with fiat on a decentralized exchange (DeX), the user's wallet interfaces with a crypto on-ramp. This integration is built into the wallet, and the appropriate ID is required by the on-ramp provider (KYC). When setting up a wallet for the first time, users often have a choice of on-ramp providers. See decentralized exchange and KYC.
A MoonPay Example
A Transak Example
Bitcoin ATMs Are On-Ramps
The MoonPay crypto on-ramp service is used by many wallets to authorize bank account withdrawals for customers. In this example, $300 is exchanged for USDT stablecoins. The difference between the two amounts is the fee. See stablecoin.
Transak is another on-ramp service. In this example, a credit card is used to purchase $1000 worth of USDT stablecoins. The fee is $65.40. Transak's explanation of the 0.52% slippage is "our price compared to market price." See crypto slippage.
A Bitcoin ATM provides on-ramp and off-ramp services because cash is fed into and ejected from the machine. See Bitcoin ATM.