Fiat On-ramp
A fiat on-ramp is a service that exchanges fiat currencies (e.g., USD, GBP, EUR, etc…) to cryptocurrency coins or tokens and deposits them directly into your wallet.
Fiat On-ramp Providers
A fiat on-ramp provider, like Ramp, Banxa or MoonPay, makes it easier for users to exchange their fiat currency for coins and tokens directly to their L2 account. Traditionally, an individual would:
Connect their bank account to a centralised exchange and deposit fiat
Purchase crypto
Withdraw crypto from the exchange to their wallet’s L1 account
Deposit crypto from their L1 to their L2
During this process, the person would pay fees when purchasing, withdrawing and depositing. Ramp, Banxa and MoonPay have solved this problem by allowing users to purchase crypto with their banking cards and deposits, and having the crypto sent directly to their L2 account.
All of these on-ramp providers’ services are available directly in the Loopring Smart Wallet and the Loopring Web App. The following sections explain how to get started depositing assets to your L2 account using on-ramps.
Open the Loopring Smart Wallet
With the app open:
Tap Loopring L2
Tap Receive
Tap Buy with a card
Select the provider:
After selecting, you will be directed to their site to complete your order. If this is the first time using their service, you will most likely need to perform KYC (Know Your Customer).
The KYC process may take up to two days to complete. Additionally, each on-ramp provider has a minimum amount per transaction that is set at their discretion.
While completing the order, please confirm:
Ramp - the crypto purchased has a Loopring logo over the token’s image
Banxa - the Selected Blockchain is set to Loopring
This ensures the crypto will be purchased directly to L2.
Congratulations! You’ve successfully on-ramped funds using the Loopring Smart Wallet.
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