Harbor Team Collaborates with Velocity Labs to Launch Instant Stablecoin Payments Between EU Banks and Polkadot

Chainwire, London, UK, December 19, 2024

Harbor announced the launch of “Magic Ramp,” a stablecoin payment system in collaboration with Velocity Labs that connects the SEPA instant payments rail with Polkadot. This collaboration seamlessly integrates TradFi banking systems into Web3, providing efficient and affordable payment solutions.

With Magic Ramp, you can send Euros from any bank account and receive USDC on-chain in less than 30 seconds, and receive Euros from your bank account at the same speed with funds held in your Web3 wallet, with minimal fees. For the first six weeks after launch, these bank-on-chain transactions will be free. With this partnership, developers can now issue virtual IBANs linked to their Polkadot wallet addresses and connect to Europe’s SEPA instant payments rails via Polkadot Asset Hub.

James Brownlee, CEO of Harbour, said: “Polkadot’s infrastructure enables instant and low-cost stablecoin transfers, which is consistent with our goal of making blockchains interoperable with traditional banks. “This partnership expands the design space for developers developing stablecoin-based solutions.”

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

“Of all the on-ramp providers we worked with, Harbor stood out by blending the convenience of on-ramp with the speed and cost of a CEX on-ramp,” said Nicolas Arevalo, CEO of Velocity Labs. You will be able to access it seamlessly.”

Harbor’s Magic Ramp makes it simple for traditional banking institutions to integrate with Web3 in a way that solves real-world payments challenges to meet evolving market requirements.

For more information, visit Harbor.fi or try Magic Ramp at https://ramp.harbour.fi/polkadot.

For media inquiries, please contact Jonathan Duran at Jonathan@Distractive.xyz.

Port introduction

Harbor.fi is an innovative payment platform that connects traditional banks and blockchain rails to Stablecoins. Harbor is headquartered in the UK and has an office in Poland, EU.

Introduction to Velocity Labs

Velocity Labs is a key contributor to Polkadot and is committed to transforming Polkadot into the premier platform for DeFi development on Web3. As a strategic partner, we empower construction companies and infrastructure providers with comprehensive support across business development, go-to-market strategy, engineering support and product strategy.

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