Harbour Launches Instant Stablecoin Payment Between EU Banks and Polkadot
Harbour Partners with Velocity Labs
Harbour, in collaboration with Velocity Labs, has introduced their stablecoin payment platform, Magic Ramp. This state-of-the-art service connects SEPA Instant payment rails with the Polkadot ecosystem, thereby enhancing the financial transaction landscape. The integration allows for low-cost, efficient transfers, positioning Harbour as a key player bridging traditional finance and Web3.
Key Features of Magic Ramp
- Instantaneous Euro to USDC transfers on-chain
- Minimal transaction fees
- Bank-to-on-chain transactions available at no cost for the first six weeks
- Virtual IBANs linked to Polkadot wallet addresses
According to James Brownlee, CEO of Harbour, "Polkadot's infrastructure facilitates instant, low-cost stablecoin transfers, which aligns with our goal of enhancing blockchain interoperability with traditional banking." This partnership offers developers enhanced opportunities for creating stablecoin-based solutions.
Expanding Use Cases in Finance
The innovative Magic Ramp is designed to streamline the process for various practical applications, including:
- On-and-off ramps for Web3 users
- Stablecoin gateways for merchants accepting Euros
- International payroll solutions
- Efficient bill payments
- Facilitating cross-border remittances
Nicolas Arevalo, CEO of Velocity Labs, stated, "Harbour stands out through the convenience and speed of their offering, allowing seamless access to stablecoins in Polkadot with virtually no fees." This integration addresses the evolving needs of the market while overcoming practical payment challenges.
About Harbour and Velocity Labs
Harbour, headquartered in the United Kingdom, is at the forefront of the innovative payments landscape, linking traditional banking with blockchain solutions. Velocity Labs, recognized as a vital contributor to Polkadot, aims to establish the platform as the premier destination for DeFi development in Web3.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.