The Good Tech Companies - Harbour Teams With Velocity Labs To Launch Instant Stablecoin Payment Between EU Banks And Polkadot

Episode Date: December 19, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/harbour-teams-with-velocity-labs-to-launch-instant-stablecoin-payment-between-eu-banks-and-polkadot. Magic Ramp allows Euros to be sent from any bank account and received as USDC on-chain in less than 30 seconds, with minimal fees while funds held in Web3 walle Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3-writing-contest, #velocity-labs, #chainwire, #press-release, #blockchain-development, #velocity-labs-announcement, #stablecoin, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com. Harbour and Velocity Labs announce the launch of their stablecoin payment system ‘Magic Ramp’ The system connects SEPA Instant payment rails with Polkadot. Magic Ramp allows Euros to be sent from any bank account and received as USDC on-chain in less than 30 seconds.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Harbor teams with Velocity Labs to launch instant stablecoin payment between U-Banks and Polkadot by Chainwire. London, UK, December 19, 2024, Chainwire, Harbor in partnership with Velocity Labs announces the launch off their stablecoin payment system, MagicRamp, connecting SIPA instant payment rails with Polkadot. This collaboration seamlessly integrates TradFi banking systems into Web3, providing efficient, low-cost payment solutions. MagicRamp allows euros to be sent from any bank account and received as USD conchain in less than 30 seconds, with minimal fees while 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 banked-on chain transactions will be available at no cost. Through this partnership, developers can now issue virtual IBANs that are linked to Polkadot wallet addresses and bridge SIPA instant payment rails in Europe with the Polkadot Asset Hub. Greater than James Brownlee, CEO of Harbor, shared, Polkadot's infrastructure enables greater-than-instant, low-cost stablecoin transfers, which aligns with our goal of making greater-than-blockchain interoperable with traditional banking. This partnership expands greater-than-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. Greater than Nicholas Arevalo, CEO of Velocity Labs, stated, Among all the on-ramp providers greater than we've worked with, Harbor stood out by blending the convenience of on-ramps greater than with the speed and cost of CEX on-ramping. This will allow stablecoins in greater than Polkadot to become seamlessly accessible with negligible fees. Harbor's MagicRamp 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, users can visit harbor.fi or try out the magic ramp a-t-h-t-t-p-s colon slash slash ramp dot harbor dot fi slash polka dot for media inquiries. Users may contact Jonathan Duran at jonathan at distractive dot zize about harbor harbor dot fi as an innovative payments platform bridging traditional banking and blockchain rails with stablecoins harbor is headquartered in the united kingdom with a branch in poland eu about velocity labs velocity labs is a core contributor to polkadot dedicated to transforming it into the premier platform for defy development in web 3 as strategic partners we empower builders and infrastructure providers with comprehensive

support across business development, go-to market strategy, engineering support, and product strategy. Contact comms and PR manager Jonathan Duran, Distractive Jonathan at distractive.zi. Tip This story was distributed as a release by Chainwire under HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this HackerNoon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.