Ramp Instant is a decentralized system allowing anyone with supported bank account to purchase ETH or DAI from an easy to use applet integrated into various sites, dApps and wallets. Have a look at the video
https://www.dropbox.com/s/2k2y3avtkt5g3pz/Instant%20Flow%20Anim.mp4?dl=0. For now we support UK bank accounts but we plan to expand initially to EuroZone and then to the rest of the world.
Ramp Instant is the platform running the protocol powering fiat-to-crypto peer-to-peer transactions. The platform is available at:
https://instant.ramp.network and working proof of concept for testing purposes is available here:
https://swaps.ramp.network/You can think of Ramp Instant as a classic P2P trading platform (like for example Local Ethereum), but on steroids because all transactions are automated. We connect with your bank account API and settle transactions automatically - there is no need to manually confirm the arrival of a wire transfer. Your crypto is going to be locked in a secure smart contract and released automatically to buyers as their bank transfers arrive to your bank account. So basically as a seller you can earn money on autopilot.
Each time a seller wants to trade a digital asset for fiat money, the digital asset gets secured by a smart contract escrow account. These smart contracts release the digital asset to the buyer if and only if the buyer sends the right amount of fiat money directly to the seller of the digital asset. The smart contract/escrow account is not controlled by any third party and operates solely on the base of its pre-programmed logic.
The transaction flow looks as follows: The Seller connects his bank account to the system, deploys smart contract and tops up the liquidity pool. Then, when the transaction is initiated the underlying asset is locked in a smart contract acting as a trustless escrow > The Buyer connects his bank account to the system and sends a pre-set wire transfer to the Seller > The Payment Oracle verifies the payment using open banking protocols > Smart contract/trustless escrow releases the asset to the Buyer.
We want to bootstrap the system by enrolling market makers to provide initial liquidity.
At this very early stage we can offer on-boarding bonus to those who are willing to provide liquidity for the system,
so if you are interested in becoming a liquidity provider for Ramp or just want to know more about our project please let us know and send us an email to: piotr.b@ramp.network or contact us on telegram https://t.me/Pibyk
