SWFT Blockchain has announced the integration of the crypto on/off ramps mechanism by Alchemy Pay. It will allow users to purchase cryptocurrency directly through fiat currency, and additionally, users can exchange fiat currencies for digital currency through the remittance of their bank accounts.
The integration comes as a useful feature not just for the platform but for the ecosystem as a whole. Many users hesitate to register on a platform out of the feeling that they will have to give up their fiat holdings easily. However, that is not the case anymore, and they will still be able to access the fiat currency until they are sure of proceeding with the cryptocurrency.
SWFT’s blockchain and AI technology support over 400 cryptocurrencies. These include Bitcoin, Ethereum, Arbitrum, Polygon, BSC, Polygon, and Terra, to mention a few out of many public and private blockchains.
Users have the option to choose any one cryptocurrency and get started with their journey of virtual holdings. Experienced users can access these functions as well. Other functions that will be accessible by new and experienced users are:-
- Aggregated transactions
- Social media
- Mining pools
- Group investment
The mobile application of SWFT can be downloaded from Apple and Google app stores.
SWFT recently launched a feature that caught everyone’s attention – the NFT Swap section. The feature grants users access to NFT trading platforms like LooksRare, OpenSea, Treasureland, Rarible, and Bakeryswap.
It only takes one click now for the users to swap any token of their choice for an NFT, facilitating the seamless flow of tokens and assets for the users and creators of DeFi and NFTs.
Alchemy Pay’s integration with SWFT assists the latter in gaining new users who look to get on board with fiat currencies worldwide. The ramp payment solution of Alchemy Pay has been integrated into platforms like DeFi and NFT marketplaces.
The workflow is pretty simple and works like a traditional payment system. Users initiate the purchase of a crypto token through their Debit/Credit card. Once the transaction is processed, cryptocurrencies of the desired value are transferred to the user’s crypto wallet address.
It works the other way around as well, where the exchange of crypto to fiat is made possible for 50+ fiat currencies.
Alchemy Pay offers Alternative Payment Methods, also known as APMs, and other global fiat payment channels. These are available in the region where such technologies are experiencing the highest adoption rate.
SWFT integrating Alchemy Pay’s crypto payment ramp plugin is a great move to make all the users comfortable with their position on the platform. The fact that new and experienced users can access it alike makes it better.
Getting cryptocurrencies would now be like purchasing units for the fiat currency paid by the users through a Debit or Credit card. Users will also be able to exchange it for fiat currency in the same manner.