When we talk about the evolution of the internet, Web3 is a term which cannot be missed. What makes Web3 different is that it would build financial assets, in the form of tokens, into the inner workings of almost anything you do online. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.Breaking into the intricate world of Web3 and cryptocurrencies can be intimidating for many, particularly when it comes to bridging the gap from fiat to crypto.Outlook India caught up with, Chandan Kumar ,Co-founder Onramp. Money
1 : Tell us about your company. How did you come up with the idea, and when did you start?
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Onramp. Money, India's premier fiat-to-crypto onramp solution, has emerged as a beacon of simplicity in this complex landscape. In less than a year since its launch, it's processing over a hundred thousand transactions daily, serving as a vital conduit between traditional finance and the thriving digital asset universe. Onramp.money is truly democratizing the crypto landscape, making the exhilarating and often complex world of Web3 accessible to all.
The company was born from the necessity to demystify the journey from traditional fiat currency to cryptocurrencies. We realized that while interest in digital assets was soaring, the complexity surrounding the acquisition of one's first crypto assets was a deterrent for many potential investors.In October 2022, we launched Onramp.money to offer an accessible, intuitive platform for both individuals and businesses to effortlessly transition their fiat currency into crypto.
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We take great pride in being India's first and leading fiat-to-crypto onramp solution and remain dedicated to making the advantages of crypto accessible to a wider audience.
2 : What is your vision and goal for the company? How is team Onramp.money going to achieve the same?
At Onramp.money, our vision is a future where the crypto world and traditional finance blend seamlessly, where digital currencies are as commonplace and accessible as any other asset class. We're pushing towards a reality where crypto is not an alien concept but an integral part of our everyday financial interactions.
Through strategic partnerships with global giants like Metamask, Polkadot, TON, Avalanche, and Algorand, we are democratizing Web3 and debunking negative myths around crypto, Web3, and blockchain technology. We're in fact riding a wave of growth, where we are experiencing explosive 100% month-on-month growth in both our user base and transaction volume. And we're not stopping at our borders; we've recently added the Turkish Lira to our platform, and the UAE Dirham is next, planned for a mid-July launch.
We believe that the future of Web3 lies in the hands of users from emerging markets familiar with instant payment systems like India's UPI. Thus, we're zeroing in on similar markets, including Brazil, Mexico, Vietnam, the Philippines, Nigeria, and Indonesia.
In a nutshell, our company isn't just a gateway to digital assets; we're actively dismantling the barriers and misconceptions around this game-changing technology.
3 : What were the difficulties and challenges you encountered while establishing your company , and how did you get beyond them?
Like any startup, we had our share of hurdles. Foremost among them was navigating the regulatory landscape for cryptocurrencies. We took a proactive approach, working tirelessly with experts in law and policy to ensure our platform is fully compliant with both national and international regulations.
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Equally challenging was establishing trust with our users, given the prevailing misconceptions about cryptocurrencies. To counter this, we prioritized transparency and security while also educating our users about the safety measures we implement to safeguard their investments in crypto. These efforts have been instrumental in building Onramp.money as a trusted platform in the crypto landscape.
4 : Why do you think that there is a need for your company to exist in today’s market? What would you like to change about your industry? What differentiates you from your competitors?
As we stand on the cusp of a new financial era, shaped by decentralized finance and cryptocurrencies, it's critical to simplify access to this transformative technology. This is where Onramp.money steps in, turning the seemingly intricate crypto landscape into a navigable territory for everyone. Our mission is clear - to shift the narrative that cryptocurrencies are the domain of the tech-savvy. Instead, we envision them as an accessible, mainstream financial asset, within reach of all individuals, irrespective of their technical proficiency.
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What sets us apart from the competition is our unwavering dedication to our customers and our robust selection of over 400 tokens ready for transaction. But, our biggest triumph is the introduction of our much-awaited offramp solution, enabling users to swiftly convert their crypto into INR, putting cash in their pockets within minutes.
We're proud to be the first in India to offer a solution that merges the crypto and traditional finance realms. Our user-centric, intuitive platform paves a smooth path for anyone embarking on their crypto journey, making the transition as seamless as possible.
5 : What is the product roadmap for the years to come? What are your expansion plans?
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Our top priority remains our users. We're constantly enhancing their experience and diversifying our crypto offerings. The newly launched Offramp solution simplifies the full crypto interaction cycle, making it as intuitive as any other financial transaction.
Boosted by our users' enthusiastic responses, we're ready to expand Onramp.money globally. In the coming six months, we aim to enter 20 of the world's top markets, making the transition into the Web3 world even smoother for users.
Chandan added, it's clear that Onramp.money's mission is to democratize finance by easing the path into cryptocurrencies. As this innovative Indian startup continues its growth, it will be thrilling to witness its role in reshaping the financial landscape, both at home and abroad.
