After successfully delivering support for Polkadot in Ramp's SDK, Ramp team wants to add another asset to the list - KSM.
The idea of building a functional canary network to test the particularly innovative solutions is something that has been long missing in the cryptocurrency ecosystem. As for Polkadot, good on-ramping is important for Kusama as well and should be included in the building process from day one. Following the research Ramp team did while integrating Polkadot, we are convinced we have the necessary skills and know-how to quickly add support for KSM.
We see the Kusama ecosystem developing, but for usage numbers to come, easy access for new users must be ensured. Currently, the first-time user willing to enter the ecosystem must enter either via centralised exchange. These steps are bearable for the current users of the network and crypto-natives, but will be a huge obstacle to new participants.
To significantly improve the process for the end-user, networks need on-ramps for easy, streamlined access using fiat money.
Here enters Ramp. With Ramp the purchase process takes place in just one interface, it is directly correlated to the wallet user is using for the purchase and, usually, takes much less time and requires fewer data than centralised exchanges need.
Ramp offers a powerful SDK that allows developers to offer KSM purchases with cards, bank transfers and open banking within their apps. This means that Kusma powered solutions requiring KSM to use wouldn't need to ask new users to leave the app to complete the purchase. Think of it as Stripe for crypto onboarding.
With Ramp, we want to provide KSM users and developers with a battle-tested alternative to a centralised exchange: an on-ramp that easy to implement and delightful to use. It will shorten the onboarding process from a few days to a few minutes which will contribute to the overall development of the Kusama ecosystem.
We'd like however to help the ecosystem to grow and thus ask the treasury to participate in upfront costs to lower our risk and allow us to proceed promptly and integrate before the ecosystem reaches billions in real-life usage volume. We adjusted the cost and work estimation so that the overlapping parts are not included twice - both the technical integration and the legal assessment have been proportionally decreased and discounted.
You can review full proposal here: https://docs.google.com/document/d/1ksfQnat8jmwdLb-H_fJ3zxM9JoiVCFLCM3O9tTaPDZ4/edit?usp=sharing