Harbour Announces the Launch of Magic Ramp, a Stablecoin Payment System Connecting SEPA Instant Payment Rails with Polkadot

This collaboration seamlessly integrates TradFi banking systems into Web3, providing efficient, low-cost payment solutions.

Harbour, in partnership with Velocity Labs, today announced the launch of their stablecoin payment system “Magic Ramp”, connecting SEPA Instant payment rails with Polkadot. This collaboration marks the first integration of TradFi banking systems into Web3, providing efficient and low-cost payment solutions.

Magic Ramp enables Euros to be sent from any bank account and received as USDC on-chain in less than 30 seconds, with minimal fees. Conversely, funds held in Web3 wallets can be received as Euros in bank accounts with the same speed. For the first six weeks following the launch, these bank-to-on-chain transactions will be available at no cost.

This partnership allows developers to now issue virtual IBANs that are linked to Polkadot wallet addresses and bridge SEPA Instant payment rails in Europe with the Polkadot Asset Hub.

“Polkadot’s infrastructure enables instant, low-cost stablecoin transfers, which aligns with our goal of making blockchain interoperable with traditional banking,” said James Brownlee, CEO of Harbour. “This partnership expands the design space for developers working on stablecoin-based solutions.”

Potential use cases include efficient on- and off-ramps for Web3 users, stablecoin payment gateways for merchants who prefer receiving Euros, international payroll, bill payments, and cross-border remittances.

“Among all the on-ramp providers we’ve worked with, Harbour stood out by blending the convenience of on-ramps with the speed and cost of CEX on-ramping,” said Nicolas Arevalo, CEO of Velocity Labs. “This will allow stablecoins in Polkadot to become seamlessly accessible with negligible fees.”

Harbour’s Magic Ramp makes it simple for traditional banking entities to integrate with Web3 in a way that addresses practical challenges in payments to meet evolving market needs.

For more information, please visit Harbour.fi or try out the Magic Ramp at https://ramp.harbour.fi/polkadot

About Harbour

Harbour is a Web3 company that provides fiat-crypto payment infrastructure, enabling fast, low-cost, and fully compliant on- and off-ramps for Web3 users. Harbour’s Magic Ramp is a payment system that connects TradFi banking rails with Layer 1 and Layer 2 networks, offering a seamless and cost-effective solution for transferring funds between fiat and crypto.

About Velocity Labs

Velocity Labs is a Web3 infrastructure company that builds and deploys modular, scalable, and interoperable blockchain technologies. Founded in 2022, Velocity Labs is backed by a team of experienced engineers, researchers, and entrepreneurs who are passionate about advancing the Web3 ecosystem. The company is headquartered in Lisbon, Portugal.