- Ramp Network has expanded its offerings.
- The platform’s most recent addition promises to revolutionize how Mexicans interact with crypto.
- Mexico has become a hotbed of crypto activity in recent years.
With regulators harping on about potential financial stability risks, the relationship between legacy banks and the crypto industry has come under significant strain in recent years —a strain that has posed a challenge to on- and off-ramp services critical to adoption. Despite these hurdles, the industry continues to find ways to break the bounds.
One firm bolstering the connection between the industry and the global financial system amid regulatory hurdles is crypto payment rails provider Ramp Network. This year alone, the firm has added support for 35 local currencies, with its latest addition being the Mexican peso. With support for the peso, the firm promises to unlock instant crypto-to-fiat withdrawals for users.
Ramp Network Integrates SPEI
Ramp Network has expanded its offerings. In a statement on Tuesday, October 29, the platform disclosed that it now supports round-the-clock instant crypto-to-Mexican peso payouts as it has become the first crypto payment rails provider to integrate the Bank of Mexico’s SPEI.
Sponsored
The SPEI, short for Interbank Electronic Payment System, is an instant, 24/7 electronic payment system introduced by the Bank of Mexico in 2004. By leveraging SPEI, Ramp Network can offer benefits that are not obtainable with most crypto-to-peso off-ramps.
These benefits include a flat 2.9% fee, which Ramp Network touts significantly lower than the fees charged by most Mexican peso cards. At the same time, users can sidestep common card-related issues such as transaction rejections and failed verifications.
Moreover, Ramp Network asserts that its new SPEI offramp can be used in simple steps. First, users select the amount of crypto they want to withdraw. Then, they select Mexico as their country and the Mexican peso as their currency of choice. Finally, they select SPEI as their preferred payout method. According to Ramp Network, the transaction is processed within 30 seconds.
For the first time, users must input their bank account number, full name, and tax ID, which the platform asserts will be saved for future transactions.
Ramp Network’s SPEI integration marks a significant milestone in the firm’s pursuit to make crypto globally accessible.
A Growing Hotbed for Crypto?
Chainalysis’ 2024 Global Crypto Adoption Index ranked Mexico 14th in the world, up two places from 2023. At the same time, an estimated 40% of Mexican businesses are reportedly interested in integrating blockchain and crypto technologies.
As such, Ramp Network’s new peso offramp promises to unlock new opportunities for local builders and businesses—a point stressed by Ramp Network CEO Szymon Sypniewicz.
"This move builds on our mission to make crypto accessible everywhere, especially where it’s needed most. It also creates new opportunities for both local Web3 builders and our global partners looking to expand their footprint in Latin America," he enthused in the company's statement.Beyond the current off-ramp, Ramp Network has disclosed that it also plans to launch an on-ramp in the coming weeks.
On the Flipside
- The SPEI integration only supports an off-ramp service for now.
- Efforts to bolster crypto adoption in Latin America have not always yielded the desired results, with El Salvador being a prime case study .
Why This Matters
Ramp Network’s SPEI integration promises to revolutionize Mexicans’ interaction with crypto by making it easier than ever to buy and sell assets with fiat.
Read this for more on crypto in Brazil:
Circle’s USDC Debuts in Brazil and Mexico via National Payment Systems
See how 1inch is trying to bolster crypto’s image:
How 1inch Is Fighting Crypto’s Bad Rap with Unlikely Bruce Lee Partnership
