Good read from Regan at Coinlist on the various avenues available for engaging developers to build applications on a specific platform (hackathons, grants and ecosystem funds) and their effectiveness (or lack thereof).
I remember speaking with the Ramp team a long while ago, when they were still thinking it through.
The initial idea was to provide a fiat on-ramp to dapps that would use open-banking and PSD2. My feedback was that it wasn't that ideal compared to say a credit card.
But what I failed to see was what it could be: a fully decentralized fiat-to-crypto decentralized exchange. I regret that.
Ramp has now launched its swaps product: a way for trust-minimized p2p fiat to crypto transactions. It's still a bit centralized, only handles pre-determined transactions and is limited to the UK. But now you can clearly see where this is going.
The concept is simple: the crypto user sends crypto to an escrow contract. The fiat user sends fiat to the crypto user bank account. Once the transaction arrives and it can be read via open banking api, the escrow contract automatically sends the crypto to the fiat user.
This is the future of crypto to fiat interactions people.
Nice to feature Sparkswap again after we first mentioned them in issue #60.
This time is about their latest funding round participated by Initialized Capital, Pantera Capital, and Foundation Capital. The focus is building a non-custodial exchange on top of lightning network atomic swaps.