onXRP, an XRP Ledger-built modular ecosystem, has reported reaching an important milestone for its on-ramp solution. The project stated that 500 U.S. citizens were able to purchase XRP for their noncustodial wallets directly via fiat, thanks to onXRP and Banxa’s joint service. The total volume of XRP purchased through this on-ramp service equals half a million U.S. dollars.
We passed half a million USD in bought #XRP through our on-ramp solution with @BanxaOfficial. About 500 US citizens were able to buy $XRP directly through us to their self custody wallet. No need to create an account on a CEX where XRP is delisted.
Welcome to #web3 #OXP army❤️
Given the hammer of justice hanging over XRP by the Securities and Exchange Commission, which has designated the cryptocurrency as a security and is pressuring centralized crypto exchanges to delist XRP, onXRP rightly argues that with on-ramp solutions like itself, there is no need for CEXes.
There is indeed no point in buying XRP through Coinbase, which will delist the cryptocurrency at the first regulatory poke, when you can buy it directly using your noncustodial wallet for fiat.
As the new digital economy evolves and more people and companies become involved, the need for centralized crypto providers will become more and more acute.
Will it be possible to be fully decentralized in the beautiful Web3 of the future? At the moment, it seems so. However, even if not, solutions like the ones presented by onXRP seem to be able to minimize users’ contact with centralized venues which, in addition to providing a service that meets all the whims of regulators, needs to take care of their stock price on traditional financial markets.
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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