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Harbour Partners with Aleph Zero to Launch Instant Bank-to-Blockchain Transfers

source-logo  blockchainreporter.net 17 June 2024 22:36, UTC

Harbour, the company behind at bank to self-custody wallet services, has just announced a partnership with Aleph Zero, the massively scalable crypto infrastructure. This partnership will bring to market the Magic Ramp product, which is a new offering aimed at revolutionizing the way end-users send their assets between banks and blockchain networks.

Harbour’s Magic Ramp leverages some of the best of breed fintech from the Harbour payments engine to integrate with Aleph Zero’s leading fintech capabilities in terms of transaction throughput. The integration will make it easier for the users as it is relatively faster and they can now use an efficient way in managing their digital assets as the whole process will be seamless and less costly

Seamless Transfers and New Opportunities

The heart of this new service is the Magic IBAN— an innovative new feature which is issued to each individual KYC-verified user. The Magic IBAN is integrated directly into users’ Aleph Zero wallets, and enables ultra-fast onboarding with direct stablecoin bank deposits to a user’s blockchain wallet.

Amazingly, these transfers are done in just 10 seconds, avoiding the high costs and headaches usually tied to standard on and off ramp offerings.

Moreover, this makes the process of turning blockchain assets back to fiat currency seamless. With this updated integration, users are able to initiate transactions again directly from their Aleph Zero wallets, with funds deposited rapidly promptly back into their bank accounts in order to maintain the speed and low cost that Harbour is designed to achieve.

We are excited to announce we are bringing our Magic Ramp to the @Aleph__Zero ecosystem!

The Magic Ramp on Aleph Zero changes the game for ramping user experience. Combining Harbour’s super-fast, low cost bank <> blockchain payments engine, with Aleph Zero’s blazingly fast and… pic.twitter.com/758HxTSPoM

— Harbour (@harbour_fi) June 17, 2024

This, in addition to being another contributor to top quality levels of user convenience, sets a new benchmark for the way in which banking and blockchain interact with each other.

And integration with Harbour goes way beyond individual users – it provides massive value to the developers within the Aleph Zero ecosystem. With the Magic Ramp, developers can turn the process inside out and offer up a new way to move assets across financial realms that is efficient on the back end and easy to use for the end-user. This development will allow the fiat-to-crypto use cases we have had in mind, which are poised to vastly grow the already impressive Aleph Zero community.

Initially offered to E.U. residents, the consumers Tailored reportedly targets are those seeking to bridge the gap between traditional banking and the nascent world of self-custody digital wallets. The collaboration will continue to evolve, adding additional improvements and integrations throughout the partnership, enabling an even greater real-world effect on global financial and crypto markets.