Gnosis Launches uRamp, Bridging On and Off-Chain Worlds Through a New Seamless, Lower-fee Model

March 18, 2024

After the launch of Gnosis Pay at the ETHCC last year, we capped off 2023 by announcing a new vision and roadmap for Gnosis focused on making Gnosis the best network for payments. By providing the best bridges to traditional payment schemes, the best liquidity for exchanging stablecoins and the best ecosystem to facilitate payments, Gnosis 3.0 is centered around payments. We believe that pushing p2p payments and open financial rails towards consumer adoption is the ultimate bow to Satoshi.

Today, we’re taking one big step forward in realizing that vision with the launch of uRamp. Running on Gnosis Chain, uRamp allows users to on- or off-ramp any ERC20 token to and from their bank accounts. Produced by the Gnosis Venture Studios, uRamp is a next-generation provider of seamless, low fee, on and off-chain ramping. 

Our dedicated community has repeatedly asked for a fiat onramp to Gnosis Chain. We’re proud to say that uRamp delivers on the vision of making Gnosis Chain more easily accessible for everyone.

More than just a fiat onramp, uRamp gives users the ability to swap EVM compatible assets for fiat currency and vice versa. Designed with UX in mind from the outset and launched in collaboration with licensed on-chain fiat issuer Monerium, uRamp combines the usability of web2 with the resilient tech stack of web3. 

Commenting on the launch, Stefan George Co-founder of Gnosis said, “Existing UX for on and off ramping between fiat and on-chain assets is clunky, and requires users to go through many steps, incurring high fees. That’s why we’re building uRamp – to provide an easier, lower-cost, more reliable service. Our decision to launch uRamp is in line with Gnosis’ wider mission of building a future where global payments are settled via community-owned, secure and open infrastructure. It’s another step aimed at rewiring and resetting the plumbing of our existing Web3 payments space in a more cost-effective and efficient manner.”

Gísli Kristjánsson, CTO of Monerium added, "We at Monerium are thrilled to collaborate with Gnosis on this important project to streamline the on-and-off ramping experience for users. Seamless conversion between traditional and digital assets is key to accelerating crypto adoption. By combining Monerium's regulated euro stablecoin, EURe, and its compliant liquidity with Gnosis' technological expertise, we can make crypto-finance far more accessible and user-friendly for the underserved EUR market." 

In addition to Monerium, uRamp has also been designed and developed in collaboration with BootNode, Gnosis’ long-term engineering partner, from the initial Proof-of-Concept and EthCC 2023 Demo to the production-grade product today. 

uRamp operates a lower fee model that does not rely on centralised exchanges or costly partners. The uRamp dApp allows users to create a web3 IBAN, the key to simplifying the conversion of assets between bank accounts and web3 wallets. EUR is swapped 1:1 for EURe, the fiat stablecoin issued by Monerium. On the flip side, Monerium’s EURe can be sent from a wallet and automatically deposited as euros in the user’s chosen bank account. 

Users have the flexibility to convert their assets from any blockchain into EUR in the bank as Monerium uses LI.FI’s liquidity aggregation technology. LI.FI handles the complexities of exchanging assets into EURe at the best rates on Gnosis, Polygon, and Ethereum for the user, ensuring a hassle-free experience.

Learn more about these products and the broader Ethereumverse at Gnosis’ annual flagship event, DappCon, held from 21st to 23rd May in Berlin

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