OffRampX
Easy crypto to fiat transfers in under 30 minutes
Created on 17th July 2023
•
OffRampX
Easy crypto to fiat transfers in under 30 minutes
The problem OffRampX solves
OffRampX simplifies the process of converting cryptocurrencies to fiat and transferring it to a traditional financial instrument (Visa card).
It eliminates the need for multiple steps, such as transferring the crypto to an exchange, selling it for fiat, and then withdrawing that fiat to a bank account.
Traditional banking systems can be slow, especially for international transfers. This solution significantly speeds up the process as it bypasses traditional banking systems to an extent.
Freelancers getting paid in crypto can easily and quickly convert their earnings to a usable form in their day-to-day life.
Challenges we ran into
Crypto - Currency Conversion: Implementing real-time, accurate crypto-to-fiat conversion rates poses a technical challenge, given the volatility of cryptocurrencies. Solution: incorporate reliable price feeds from increment.fi and visa fx API to calculate an accurate conversion rate at time of the transaction. Currently this quote refreshes every 20 seconds
Liquidity: Some cryptocurrency pools on increment.fi have very limited funding and no direct USDC pathway. Solution: implement smart order routing algorithm - we will need to develop out this further
Regulatory Compliance: The most significant challenge is ensuring the system remains within regulatory boundaries. Solution: consult with legal counsel to remain within regulatory boundaries - more work needs to be done here.
Integration with Visa: Visa has its own technical and security requirements that must be met for the system to interact with its payment network. Solution: liase with the Visa team
Tracks Applied (2)
DeFi
Ecosystem Tooling and Infrastructure
Technologies used