- Ramp Network now supports real-time MXN payouts via the SPEI payment system.
- Users can sell crypto and receive funds in their bank accounts within 30 seconds.
- SPEI offers lower fees and operates 24/7, enhancing crypto-to-fiat transactions in Mexico.
Ramp Network, a leading financial technology company, has announced the expansion of its crypto-to-fiat off-ramp support to include the Mexican Peso (MXN) through the SPEI payment system.
This development allows users in Mexico to receive real-time payouts directly to their local bank accounts, available 24/7.
Ramp Network integrates SPEI
SPEI, or Sistema de Pagos Electrónicos Interbancarios, is a robust real-time payment system that connects all major Mexican banks, enabling swift and secure transfers within seconds.
By integrating SPEI, Ramp Network offers a streamlined solution for Mexican users to sell their cryptocurrencies and instantly convert them into fiat currency, significantly enhancing the user experience.
With Mexico emerging as a key market for Ramp Network, the country ranks 16th globally in the latest Chainalysis crypto adoption index and is among the top 20 nations for crypto transaction volume. Notably, around 14% of the Mexican population now owns cryptocurrency, and 40% of local companies are exploring blockchain technology integration, indicating a vibrant landscape for fintech innovation.
Szymon Sypniewicz, CEO of Ramp Network, expressed pride in the integration of SPEI, stating, “Now, people in Mexico can convert their crypto into fiat in seconds, with lower fees and reduced friction.” The service charges a flat fee of just 2.9%, significantly lower than traditional methods, thereby minimizing transaction-related issues and providing a reliable payout option that operates year-round.
Users can easily initiate a transaction by selecting the desired cryptocurrency amount, choosing Mexico as their country, and opting for SPEI as the payout method. After entering their bank details, users can expect to receive MXN in their bank accounts within 30 seconds or less.
As part of its mission to provide localized services in Latin America, Ramp Network plans to further enhance its offerings by introducing SPEI on-ramp transactions in the near future, expanding opportunities for both local Web3 developers and global partners. This expansion marks a significant step in making crypto more accessible in regions where it is increasingly in demand.
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