As a newbie to the world of cryptocurrency, you may find it challenging to determine where exactly to enter and exit the ecosystem. Where can you buy crypto? Where can you then exchange crypto to fiat? Is there a platform that does it all? (Spoiler alert: there is!). The process of exchanging fiat to crypto and vice versa is called on-ramp and off-ramp respectively. In this article, we’re going to understand crypto ramps in more detail and whether there is a halal crypto platform that bridges the gap between the real world and the cryptoverse.
What Are Crypto Ramps?
Crypto on-ramp and off-ramp are the vital bridges that connect the world of cryptocurrency with the traditional financial system. They play a crucial role in facilitating the exchange of digital assets, such as Bitcoin and Ethereum, with conventional fiat currencies like the US Dollar, Euro, or Japanese Yen. These crypto ramps simplify entering and exiting the cryptocurrency space, making it easier for beginners and experienced users to navigate this exciting and dynamic landscape.
What is a Crypto On-Ramp?
A crypto on-ramp is the entry point into the world of cryptocurrency. You can convert your fiat currency into digital assets on platforms with on-ramping capability.
Examples of crypto on-ramp:
- Buying Cryptocurrencies: You can use either centralized or decentralized exchange platforms to invest in cryptocurrency and purchase digital assets by converting your fiat currency into cryptocurrency. Whether you choose a centralized exchange, where you complete a registration and verification process, or a decentralized one, where you can trade directly from your wallet, buying cryptocurrency has never been more accessible.
- Salary Payments: Forward-thinking companies like BitPay offer employees the option to receive a portion of their salary in cryptocurrency. In this case, the company uses crypto on-ramp services to convert traditional fiat salaries into digital assets, allowing employees to explore the world of cryptocurrency as a compensation method.
- Paying Bills: Paying monthly bills with cryptocurrencies is now easier than ever, thanks to platforms like Bitwala and Coinbase. These services allow you to convert your digital assets into local fiat currency, making settling utility bills, rent, and other financial obligations simple.
- Travel Expenses: When traveling to destinations where cryptocurrencies aren’t widely accepted, you can use platforms like Crypto ATMs to convert your digital assets into local fiat currency. These ATMs are available in various locations worldwide, offering travelers a convenient way to cover expenses during their trips.
- Online Shopping: E-commerce platforms such as Shopify and OpenSea enable customers to purchase cryptocurrencies. They employ on-ramp solutions to seamlessly convert crypto payments into local fiat currency, ensuring a hassle-free shopping experience for crypto enthusiasts.
What is a Crypto Off-Ramp?
Conversely, a crypto off-ramp is the exit point from the crypto world to traditional fiat currencies. With an off-ramp service, your digital assets are converted into fiat currency so you can spend crypto on daily essentials.
Examples of crypto off-ramp:
- Profits Realization: Reputable cryptocurrency exchange platforms like Coinbase or Binance allow users to trade cryptocurrency for traditional money.
- Paying Bills: Crypto payment cards offered by services like BitPay convert your crypto holdings into local currency so that you can manage day-to-day expenses.
- Travel Expenses: When traveling to destinations where cryptocurrencies aren’t widely accepted, you can use a service like Crypto ATM to convert your digital assets into local fiat currency.
Sahal Wallet Can On-Ramp and Off-Ramp Halal Crypto
The world’s first halal DeFi wallet – Sahal Wallet – has the unique ability to both on-ramp and off-ramp crypto. This means you can buy crypto directly on the Sahal Wallet app via Moonpay service using your credit or debit card. You can then use your crypto to purchase items sold in fiat currency without you having to manually convert the currencies.
Sahal Wallet is different from other DeFi wallets out there in the sense that it only lists halal crypto tokens that have been screened by Sharia Scholars. As such, this is a halal option for Muslims seeking to be involved in the crypto space. Rest assured that all transactions done on the Sahal Wallet comply with Sharia principles, offering individuals a secure and ethical way to participate in decentralized finance.
MPower Your Crypto in Daily Life
Built into the Sahal Wallet, MPower is a service where you can purchase various utilities and amenities that are applicable to your daily life. There is an extensive list of mobile services, virtual prepaid cards, and gift cards to choose from. You can then make payments using your halal crypto holdings available in the Sahal Wallet without having to go through a third-party exchange platform. The fully-fledged MPower will have more crypto ramps functionalities. This means you’ll be able to convert crypto to fiat just by using the Sahal Wallet. MPower will be integrated into the mobile app soon but the first version is now available on the web app at sahalwallet.app.