Ramp Network launches crypto-to-MXN transactions via SPEI bank transfers

Ramp Network, a leading fintech company connecting the crypto economy with global financial systems, has launched crypto-to-fiat off-ramp support for Mexican pesos (MXN) via SPEI (Sistema de Pagos Electrónicos Interbancarios).

This integration allows users in Mexico to sell their crypto and receive MXN directly in their bank accounts within seconds, 24/7.

SPEI, one of Mexico’s most popular payment systems, enables real-time bank transfers across all major financial institutions.

By integrating with SPEI, Ramp Network aims to offer Mexican users a fast, reliable, and cost-effective way to convert crypto into fiat currency.

Supporting Mexico’s growing crypto adoption

Mexico is emerging as a critical market for Ramp Network as it expands into Latin America.

According to Chainalysis’ crypto adoption index, Mexico ranks 16th globally, and about 14% of Mexicans now own cryptocurrency.

Additionally, 40% of Mexican companies are exploring blockchain technology integration, solidifying the country’s status as a hub for crypto innovation.

“We’re incredibly proud to enhance our support for Mexican users with the integration of SPEI,” said Szymon Sypniewicz, CEO of Ramp Network.

“This move reflects our commitment to making crypto accessible everywhere and providing users with seamless, low-friction transactions.”

Real-time crypto transactions with SPEI

The SPEI payment system has grown rapidly, processing 80.9 million transactions per month on average in 2023, including a record 279.3 million transactions in March.

Operating 24/7, including holidays, SPEI offers a reliable alternative to traditional payout methods, reducing the risks of transaction failures and verification issues.

Ramp Network users can sell supported cryptocurrencies by selecting MXN as the currency and SPEI as the payout method.

After sending funds to Ramp’s wallet, users receive their MXN within 30 seconds or less.

For their first transaction, users must enter their bank’s CLABE number, full name, and tax ID, which will be saved for future use.

The partnership with SPEI mirrors Ramp’s strategy in Brazil, where it offers a similar service through PIX, another real-time payment system.

Ramp plans to extend its collaboration with SPEI by introducing on-ramp transactions, enabling users to buy crypto directly with MXN in the near future.

Lower fees and smoother transactions

SPEI offers a flat 2.9% fee on all transactions, lower than most card-based payment methods.

This fee structure, combined with SPEI’s real-time payment capabilities, reduces costs and ensures instant payouts for crypto users in Mexico.

With SPEI, Ramp eliminates common issues associated with card payments, such as rejected transactions or verification errors.

As the platform expands, it aims to provide Mexican users with better access to the crypto economy through localized payment solutions.

Ramp Network’s growing global presence

Ramp Network is positioning itself as a leader in the crypto off-ramp sector, already offering payouts in EUR, USD, GBP, and now MXN.

The company’s broader mission focuses on lowering barriers to Web3 adoption by making it easier to buy and sell cryptocurrencies through simple APIs integrated with decentralized applications (dApps).

Ramp Network supports a wide range of fiat currencies and payment methods, including credit cards, Apple Pay, Google Pay, and instant bank transfers.

It continues to expand its services across 150 countries, building partnerships to deliver seamless financial solutions that bridge the gap between traditional and digital economies.

The post Ramp Network launches crypto-to-MXN transactions via SPEI bank transfers appeared first on Invezz