New Delhi, September 19, 2023 — In a strategic effort to bolster the worldwide adoption of Web3 solutions, the Algorand Foundation announces an investment by Algorand Ventures in Onramp.money, a fiat-to-crypto onramp solution originating from India.
Onramp.money, a fiat-to-crypto onramp and offramp solution provider, has recently expanded its services into several jurisdictions across the globe, including Vietnam, the UAE, Turkey, and Mexico.
In the evolving digital landscape, Onramp.money's consistent growth underscores the demand for solutions that seamlessly connect traditional financial systems with the Web3 ecosystem. The platform has witnessed an average 100–200% recurring month-on-month growth in both transactions and user engagement.
“Centered around the guiding principle of 'In Bharat for Bharat', our focus at AlgoBharat is threefold: expanding the Web3 developer base, investing in the burgeoning Web3 startup ecosystem, and forging strategic partnerships with established organizations ranging from government bodies to non-profit organizations and large corporates. We see India as a beacon of innovation.” said Anil Kakani, VP & India Country Head at Algorand Foundation.
"It's not just about numbers. Our partnership with industry leaders like Metamask, Ledger, Circle, JumpTrade, TON, Avalanche, Arbitrum, and now Algorand speaks volumes about our mission. We are excited to be gearing up to roll out our services in over twenty leading markets before the year concludes. This trajectory is a testament to Onramp.money's capabilities, resilient infrastructure, and commitment to simplifying the blockchain realm for millions globally," commented Gaurav Dahake, CEO, Onramp.money.
Staci Warden, CEO of the Algorand Foundation, remarked, "The partnership with Onramp.money is strategically important in that it reinforces Algorand’s commitment to growing the Indian Web3 ecosystem while expanding onramp solutions to new markets and lowering the barrier to entry into the blockchain ecosystem.”
About Algorand Foundation
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. Designed by MIT professor and Turing Award winning cryptographer Silvio Micali, Algorand is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis.
About Onramp.money
Originating in India, Onramp.money has swiftly emerged as a leading provider of fiat-to-crypto onramps and offramps, offering a seamless and secure way for users to trade cryptocurrencies using their fiat currencies. Prioritizing user experience and safety, Onramp.money delivers a fast, dependable, and secure platform that caters to both the purchase and sale of cryptocurrencies.