Proposal: Integration of Onramp.money’s Fiat On-Ramp Widget with Frax
Summary:
The aim of this proposal is to integrate Onramp.money’s fiat on-ramp service into app.frax.finance, enabling users to purchase & sell Frax Share (FXS) and other tokens directly from the dApp using bank transfers and various local payment methods across 30+ countries.
Details
About Onramp.money:
Onramp.money is a leading provider of fiat-to-crypto onramp solution, offering a seamless and secure way for users to buy & sell 300+ cryptocurrencies using local fiat currencies Onramp.money delivers a fast, dependable, and secure platform supporting instant bank transfers and local payment methods.
We handle all the necessary KYC, regulatory, and compliance requirements. Currently, our Onramp solution is live and operational in India 
, Turkey 
, UAE 
, South Africa 
, Mexico 
, Vietnam 
, Indonesia 
, Nigeria 
, Europe 
, UK 
, Chile 
, Colombia 
, Peru 
, Brazil 
with instant bank transfers and local payment methods. Users in these regions can enjoy the convenience of direct fiat-to-crypto conversion using popular payment methods such as UPI, IMPS (India), IBT (UAE), SPEI (Mexico), and FAST (Turkey), PIX (Brazil), etc.
Goal
The objective is to seamlessly integrate the Onramp.money widget into app.frax.finance platform, empowering users to purchase & sell Frax Shares (FXS) and other tokens across all supported chains using their preferred fiat currencies and payment methods.
The Problem
Presently, users encounter a series of steps to participate in staking or yield farming on frax.finance. Acquiring cryptocurrencies beforehand involves numerous intermediary steps, which may discourage potential users due to their complexity or the existing costly methods.
The Solution
With the integration of Onramp.money, the user journey is streamlined:
- Buy Frax Shares (FXS) directly with fiat through app.frax.finance .
- Convert Frax Shares (FXS) to INR, NGN, TRY, and 10+ other fiat currencies. Exchange FXS for local fiat via instant bank deposits.
Benefits to the Frax Community
Key advantages for users within the Frax Community:
- Simplified user journey for fiat purchases via direct bank transfers.
- Availability in over 30+ countries, offering FXS transactions with a low fee structure of 0.25%. Additionally, a revenue share of 0.25% as a client fee can be allocated to benefit the Frax community.
- Access to promotional campaigns and marketing initiatives through Onramp Money.
- Enhanced visibility and brand exposure for FRAX via integration with Onramp.money and other partners such as Metamask, among others.
How it Works:
- We can create a dedicated page for Frax Finance (FXS) token - Manta Network.
- Frax Finance team can add the “Buy $FXS” button on their website.
- Upon selecting “Buy $FXS”, the new page will open which will have the widget integrated and only allow $FXS tokens to be bought and sold.
- User selects the currency i.e, India , Turkey , UAE , South Africa , Mexico , Vietnam , Indonesia , Nigeria , Europe , UK , Chile , Colombia , Peru , Brazil , makes the payment and complete the transaction.
- We will make How to videos to guide the community better on KYC and for step by step Buy / Sell process.
Resources;
Onramp Website