June 17, 2024

Supremeuk

Business & Finance

How can an API provide a fiat on-ramp solution?

2 min read

Consumers can purchase cryptocurrencies on your website or app by integrating a fiat on-ramp. A fiat on-ramp is required by many parties. Without an onramp, wallets must send consumers away to buy crypto somewhere else and hope that they return later. The same issue exists for crypto-to-crypto exchanges.

Crypto-friendly APIs enable you to easily automate your cryptocurrency buys and sells, as well as seamlessly integrate fiat on-ramps and off-ramps and swaps for your users, all while being securely managed.

Fiat On-Ramps And APIs

Contributors to the crypto ecosystem must trust that mass adoption will occur only when more natural methods are easily accessible for people to enter and exit the crypto market. As a result, Crypto Exchange APIs should be designed with this goal in mind, allowing anyone to buy and sell cryptocurrency without needing an account or undergoing identity verification.

Bridging the crypto and fiat worlds together is a challenging task. Therefore, it would take years to develop in-depth regulatory knowledge, strong banking relationships, and the infrastructure required to open this bridge to anyone attempting to make cryptocurrencies more accessible in everyday life. 

Building A Solution And Monetizing Your Platform

Crypto Exchange APIs are typically open and available for use or integration by anyone. Our engine manages all of the necessary endpoints for securely buying, selling, and swapping cryptocurrencies at market price. 

You can also create sophisticated workflows and interfaces to solve specific problems, such as converting crypto to fiat salary payments or receiving fiat from customers who pay in crypto. It is not always easy to monetize projects in the crypto space. Hence, consumers should understand this, and profits will be shared with you if your integration qualifies for partnership.

How Does It Work?

The Crypto Exchange API provides complete access to the engine’s capabilities for non-custodial crypto exchanges. Non-custodial means there are no holds on the customer’s funds, and the exchange will take place as soon as the payment arrives. A user’s interaction is as simple as:

  • Opening a trade order
  • Sending the money,
  • Obtaining funds in the desired currency

The Crypto Exchange API allows anyone on the Internet to open exchange orders in the engine. Exchanges can be made without opening an account or undergoing a Know Your Customer (KYC) verification process. Integrators can work directly with Crypto Exchange API to monetize their platform. To begin, you may need to go through an onboarding process in which they will create a legal agreement between these parties and guarantee the quality of the integration.

Building models with the data collected through the APIs to further your interest or for fun can be useful. A versatile and powerful API can provide you with a set of data that will assist you in drawing insights and conclusions. At OpenPayd, we design our API for developers, with short integration times and easily accessible documentation. Everything you need to get a banking solution up and running quickly!