Komodo Platform, an open-source technology provider, is proud to announce the integration of a fiat on-ramp for Komodo Wallet — a non-custodial wallet, cross-chain DEX, and crypto bridge all rolled into one app.
This marks a significant milestone since Komodo Wallet (web) now offers a direct and user-friendly way to enter the cryptocurrency market — bridging the gap between dozens of fiat currencies (i.e. USD, EUR, GBP) and hundreds of cryptocurrencies.
With this latest update — Komodo Wallet (web) v0.6.0 — users now have two fiat on-ramp service providers.
The first provider is Ramp, a platform that is available in 150+ countries and regions. Ramp Network supports 40+ fiat currencies and 90+ cryptocurrencies.
The second provider is Banxa, a platform that has processed approximately $3 billion in transactions to date and processes a new transaction every four seconds on average.
Both providers support bank transfers, Apple Pay, Visa/Mastercard cards, and various other providers allowing users from different regions of the world to buy crypto with their local fiat currencies. Supported payment methods vary by country/region.
Before this feature launch, Komodo Wallet users had to purchase crypto from a third-party application and then transfer their holdings to Komodo Wallet. Now, users can use Komodo Wallet as their first — and potentially only — crypto wallet application.
Komodo Wallet continues to reshape the financial landscape by breaking down barriers between the worlds of traditional finance and decentralized finance and addressing the crypto industry's ongoing challenges related to accessibility, which has traditionally been an obstacle for newcomers interested in exploring the ever-expanding decentralized finance (DeFi) ecosystem.
Komodo CTO Kadan ‘ca333’ Stadelmann commented,
"Our project’s roots go back to 2014. We have been laser-focused on developing crypto products and technologies. However, one crucial missing puzzle piece has always been how to appeal to mainstream users when they must first interact with third-party platforms. By adding a fiat on-ramp directly to Komodo Wallet, we are unlocking an opportunity to attract everyone from crypto newcomers to seasoned HODLers and traders."
Once users purchase crypto via the on-ramp, Komodo Wallet provides an industry-leading non-custodial wallet. This means Komodo Wallet users retain sole control of their private keys and funds at all times.
The addition of this feature offers a more secure solution compared to the traditional method offered by centralized exchanges, which require users to trust a third party with the custody of their funds.
For users looking to trade crypto-to-crypto, Komodo Wallet provides both a built-in decentralized exchange (DEX) and crypto bridge that are powered by atomic swaps (a type of peer-to-peer trading technology).
Komodo Wallet boasts the widest cross-chain trading of any DEX on the market — allowing users to exchange hundreds of different cryptocurrencies across various blockchain networks without needing a trusted third party. Supported blockchains include Bitcoin, Ethereum, Polygon, Dogecoin, Bitcoin Cash, Litecoin, and Avalanche, among others.
Now with the availability of a fiat on-ramp, Komodo Wallet aims to not only onboard new users but also increase liquidity for various DEX/bridge crypto trading pairs.