<a href="https://ramp.network/" rel="noopener noreferrer" target="_blank">Ramp Network</a>, a leading provider of fintech infrastructure, announced today (Friday, 18 September 2020) that it will be launching its new multichain self custodial wallet to address one of the biggest challenges in usability in cryptocurrency - self custodial wallets. Ramp’s offering will allow users to buy, sell, swap and cash out digital currencies in one place, taking away the need for users to use separate services from outside the Ramp ecosystem. This move is part of an industry-wide effort to try and make the user experience more streamlined and simpler while still maintaining decentralised principles. Although self custody has been advocated as a fundamental principle of cryptocurrencies for many years, self custody has also been seen as too complex for the average user and thus has hindered broader adoption of cryptocurrencies by people new to the crypto space. Ramp is attempting to bridge that gap through the combination of both convenience and user control.<h2>The Problem with Fragmented Crypto Experiences</h2>Currently, one of the largest issues facing the crypto industry is fragmentation. Users in this space must often use many different platforms to accomplish even the simplest tasks; for example, buying crypto typically requires the use of a fiat onramp, exchanging tokens relies on a decentralized exchange, and cashing out typically requires going through an off ramp provider which is not necessarily associated with the wallet being used. This creates multiple points of friction and confusion; with each new step in this fragmented user journey comes the introduction of new potential security vulnerabilities and user errors. This can be particularly overwhelming for individuals entering the space for the first time. Ramp Network is working to address this fragmentation by creating a single cohesive ecosystem that allows users to conduct all of these core functions from one platform rather than once again needing to be redirected to a third party provider.<h2>A Unified Wallet Experience</h2>Within the same app enabled by Ramp's technology, users can: Purchase digital assets using local currencies, Exchange tokens across different blockchains, Transfer digital currencies to one another, Withdraw money directly into their local currency. Using Ramp's on and off-ramp services and unique <a href="https://chain.link/education/cross-chain" rel="noopener noreferrer" target="_blank">cross-chain functionality</a>, Ramp has made it easy and fast for users to access all of their services without needing to switch between separate platforms. This smooth process makes it less likely that transactions will fail or that the user would experience issues with mismatched software interfaces during the transaction processes.<h2>Multichain Support from Day One</h2>When it first starts up, the Ether wallet will be able to work with 8 of the biggest network of Ecosystems. ETHEREUM ARBITRUM BASE LINEA MEGAETH OPTIMISM POLYGON ZKEVM ZKSYNC ER By providing this level of compatibility from launch, ramp gives users confidence that they'll be able to move funds throughout these respective ecosystems without having to rely on multiple wallets and/or bridges. Additionally, Ramp has also announced its plans to offer additional support for some of the major networks within the next few months: Bitcoin Solana BNB Chain Polygon ApeChain Avalanche Celo Gnosis Chain This gives Ramp an extremely strong platform to operate as a multichain wallet and reflects the broader trend within the industry towards more cooperatively working together across multiple chains.<h2>Self Custody Without the Complexity</h2>With self-custody, users have complete control of their private keys and of their assets. This is foundational to crypto philosophy, but it can be difficult to use; seed phrase management and security risk are two examples of that difficulty. Ramp is trying to make these issues easier to manage through modern authentication techniques such as <a href="https://fidoalliance.org/passkeys/" rel="noopener noreferrer" target="_blank">passkeys</a> to eliminate the use of data blocks that are traditional seed phrases. Users will also have the ability to export their keys, keeping them in complete control. This approach to self-custody balances accessibility and security by lowering the barrier-to-entry while remaining compliant with decentralization principles.<h2>USDC as a Core Transaction Layer</h2>A core aspect of the wallet allows users to transact using <a href="https://www.circle.com/en/usdc" rel="noopener noreferrer" target="_blank">USD Coin </a>on Base Network as the primary base for their balance. Anchoring real Activity in the App to a Stablecoin gives Ramp advantages: Lowered Transaction Volatility Quicker Settlement of Funds Simplified User Pricing Streamlined Transfers Between Supported Networks USDC and other stablecoins have emerged as an essential foundation of the Crypto Economy, serving to connect conventional finance with decentralized systems. Ramp's Implementation shows that usable Stable Assets make transaction processes easier.<h2>Why This Matters for Crypto Adoption</h2>This new wallet solves a basic problem of accepting cryptocurrency; after many years of innovative development, but user experience continues to be a significant weak point in this space. Potential new users can easily become discouraged for many reasons: -Ramp's all-in-one platform addresses these key problems directly, introducing greater opportunities of mass acceptance of cryptocurrency by making it easier for individuals to transact with cryptocurrency than what they have grown accustomed to with traditional banking services.<h3>Competitive Landscape</h3>There are other platforms offering an easier solution to crypto wallets as well as Ramp. Many different entities are pursuing similar options such as embedded wallets, smart contract wallets, and account abstraction<a href="https://ethereum.org/en/roadmap/account-abstraction/" rel="noopener noreferrer" target="_blank"> </a>strategies. What makes Ramp different from other providers is their vertically integrated infrastructure in which they control every aspect of the transaction process, such as fiat entry and crypto exit without relying on any 3rd party services. Ramp’s overall level of vertical integration should foster a more reliable and consistent user experience, an important factor in establishing trust with new users.<h3>Potential Challenges</h3>Wallets have many issues that must be resolved before they can fulfill their potential:<h3>Trust in the User</h3>Gaining user acceptance of a new wallet requires strong security guarantees and a solid reputation as an established company/business.<h3>Regulatory Compliance</h3>Fiat on- and off-ramping is heavily regulated, which creates significant compliance obligations for Ramp that may hinder development.<h3>Competition</h3>As established wallets and newer wallet providers develop rapidly, there is a very competitive environment for wallets.<h3>User Education</h3>Although we have made the product more straightforward, the user will still need to comprehend basic cryptocurrency principles in order to do so.<h2>The Bigger Picture</h2>Ramp's wallet launch demonstrates a trend within the crypto market. The focus of the crypto industry is now moving away from pure innovation and towards usability and real world use cases. The early products created in the crypto space were designed primarily around being decentralised and technically advanced (in terms of capability). The focus now is to create user experiences that can compete against the experiences offered by traditional finance (in terms of convenience and reliability). This change must occur before the next stage of growth can occur. If user experiences continue to be poor, crypto will remain a non-mainstream technology rather than evolving into a mainstream financial instrument.<h2>Conclusion</h2>Ramp Network's new multi-chain wallet is a major advancement in making self-custody easy for users of cryptocurrencies. By offering users the ability to buy, sell, swap and cash out within the same application, it is tackling one of the biggest problems faced by the industry and making these transactions easier for the user. The wallet also enables users to send multiple cryptocurrencies across different networks, using stable coin based transactions and will offer security features that help secure users' assets and provide them with full control of their funds without giving up convenience. While there are still challenges in this area to overcome, there is a clear way forward. The future of cryptocurrencies will depend not only on the technology capabilities but also on the ease with which people can access and use them. Ramp's latest announcement demonstrates that the industry is now taking this challenge seriously.

Ramp Network unveils a multichain self custodial wallet that unifies buying, selling, swapping and cashing out crypto, aiming to simplify user experience and drive broader adoption.

Ramp Network Launches Multichain Self Custodial Wallet to Simplify Crypto Transactions


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