Onramps and Offramps
Last updated
Last updated
Plume will be integrating with a variety of different onramp and offramp providers for our mainnet launch, allowing users to onboard directly to Plume from fiat rails and allowing asset issuers to safely withdraw their proceeds back into fiat. We are actively in discussions with the dozen top onramp and offramp providers in the industry, so stay tuned for our official partnership announcements leading up to ETH Denver!
Onramps: These are services that convert fiat currencies like USD or EUR into cryptocurrencies like BTC or ETH. Onramping is one of the first steps in a user's journey after setting up their crypto wallet, as they cannot make any transactions without having some tokens to pay for their transaction to be included in the next block. On Bitcoin, users must pay transaction fees to miners to secure the chain and compensate for the electricity used, while on Ethereum and related chains like Plume, users must pay gas fees to validators to compensate for the computational and storage resources used. Without onramping some ETH onto Plume, users cannot interact with the chain at all.
Offramps: These are services that perform the reverse process, converting cryptocurrencies like BTC or ETH into fiat currencies like USD or EUR. Correspondingly, offramping is the last step in a user's crypto journey. Having a stable, trusted, and safe offramp provider is critical for asset issuers on Plume, especially for RWA projects that seek to raise capital onchain, so they can deploy their proceeds in a productive real-world enterprise offchain.
Plume is in active discussions with the top onramp and offramp providers in the industry. Some of these providers include:
: A crypto-native onramp platform that integrates quickly across many newly launched chains. Used by dYdX, Base, and Injective.
: A global onramp solution that supports 170+ countries and 300+ fiat payment channels. Used by Polygon, Arbitrum, and NEAR.
: An onramp aggregator that routes currency conversions between 17 different onramps at no additional charge to the user. Used by Coinbase Wallet, BitMEX, and Wirex.
For our mainnet launch, Plume will partner with a variety of top onramp and offramp providers. These companies will provide flexible options for users across the world to onboard directly to Plume from an assortment of diverse fiat rails, including:
Direct bank transfer
ACH in the United States
SEPA in the European Union
Faster Payments in the United Kingdom
Interac in Canada
PIX in Brazil
Wire transfer in the United States
Credit card and debit card payments via Visa and Mastercard
Apple Pay
Google Pay
Cash App
However, most of these onramp and offramp providers cannot be integrated into the Plume testnet environment, as the tokens on our testnet have no value, so there would be no point in connecting the testnet to the existing traditional financial infrastructure, where fiat currencies do have value.
Regularly review the security protocols of your chosen onramp and offramp provider.
Stay informed about changing fees and transaction limits for your chosen fiat rails.
Ensure that all documents are in order for passing KYC checks when onramping or offramping.
Keep track of regulatory changes that might affect onramping and offramping in your country.
By using onramps to directly onboard to Plume and offramps to safely offboard, users will enjoy a seamless and secure conversion between fiat and cryptocurrencies.
Users will be able to onramp directly to Plume, without performing multiple hops when onramping first to Ethereum and then bridging to Plume. Users that have previously completed can opt-in to allow Plume servers to send their information directly to some of these providers, and would not have to go through the KYC process again when onramping. Finally, asset issuers will have access to all of our onramp and offramp providers directly in their admin dashboard.