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Ramp Network expands crypto-to-fiat support for real-time MXN payouts via SPEI

  • Ramp Network now supports real-time MXN payouts via the SPEI payment system.
  • Users can sell crypto and receive funds in their bank accounts within 30 seconds.
  • SPEI offers lower fees and operates 24/7, enhancing crypto-to-fiat transactions in Mexico.

Ramp Network, a leading financial technology company, has announced the expansion of its crypto-to-fiat off-ramp support to include the Mexican Peso (MXN) through the SPEI payment system.

This development allows users in Mexico to receive real-time payouts directly to their local bank accounts, available 24/7.

Ramp Network integrates SPEI

SPEI, or Sistema de Pagos Electrónicos Interbancarios, is a robust real-time payment system that connects all major Mexican banks, enabling swift and secure transfers within seconds.

By integrating SPEI, Ramp Network offers a streamlined solution for Mexican users to sell their cryptocurrencies and instantly convert them into fiat currency, significantly enhancing the user experience.

With Mexico emerging as a key market for Ramp Network, the country ranks 16th globally in the latest Chainalysis crypto adoption index and is among the top 20 nations for crypto transaction volume.

Notably, around 14% of the Mexican population now owns cryptocurrency, and 40% of local companies are exploring blockchain technology integration, indicating a vibrant landscape for fintech innovation.

Szymon Sypniewicz, CEO of Ramp Network, expressed pride in the integration of SPEI, stating, “Now, people in Mexico can convert their crypto into fiat in seconds, with lower fees and reduced friction.”

The service charges a flat fee of just 2.9%, significantly lower than traditional methods, thereby minimizing transaction-related issues and providing a reliable payout option that operates year-round.

Users can easily initiate a transaction by selecting the desired cryptocurrency amount, choosing Mexico as their country, and opting for SPEI as the payout method. After entering their bank details, users can expect to receive MXN in their bank accounts within 30 seconds or less.

As part of its mission to provide localized services in Latin America, Ramp Network plans to further enhance its offerings by introducing SPEI on-ramp transactions in the near future, expanding opportunities for both local Web3 developers and global partners.

The post Ramp Network expands crypto-to-fiat support for real-time MXN payouts via SPEI appeared first on CoinJournal.

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OKX picks Standard Chartered as its institutional crypto custodian

  • OKX announces partnership with Standard Chartered to offer crypto custody services to institutional clients.
  • Standard Chartered has a strong presence in the crypto industry.
  • A trading desk and custody solution are among its top solutions.

OKX has partnered with Standard Chartered in a collaboration that will see the banking giant become the crypto exchange’s official third-party crypto custodian.

Specifically, Standard Chartered is now the crypto custodian for OKX’s institutional clients.

OKX eyes further institutional adoption of crypto

According to OKX chief commercial officer Lennix Lai, the partnership is part of the crypto exchange’s continued evolution into one of the world’s top crypto companies. Standard Chartered will help the exchange offer its institutional customers a platform to securely enter the growing digital assets market.

The partnership allows clients the option of separating their trading from custody, Lai added.

“Our institutional services already include advanced trading features, robust risk management tools, and custody solutions. Adding Standard Chartered to our custody offerings allows us to integrate digital assets more seamlessly into the traditional financial ecosystem, making it easier for institutional players to engage confidently in this space.”

Collaboration with OKX adds to Standard Chartered’s growing footprint in the crypto space. Its recent expansion includes the launch of a digital asset custody solution in the United Arab Emirates. The bank’s crypto custody service allows institutional clients to custody Bitcoin (BTC) and Ethereum (ETH), with more assets to be added.

Notably, Standard Chartered also offers a spot crypto trading desk, and has a footprint in the Ethereum exchange-traded fund market.

The post OKX picks Standard Chartered as its institutional crypto custodian appeared first on CoinJournal.

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Consensys lays off 20% of its total workforce

  • Consensys cuts 20% of its workforce due to economic and regulatory challenges.
  • CEO Joe Lubin criticizes the SEC’s actions as a harmful “abuse of power.”
  • The company aims to enhance decentralization and evolve into a “Network State.”

Consensys, a pioneering force in blockchain technology and a primary supporter of the Ethereum network, recently announced a reduction of 20% in its workforce.

Affected employees will receive severance packages, extended healthcare benefits, and outplacement services to support their transition.

The decision stems from a combination of challenging macroeconomic conditions and increasing regulatory pressure in the cryptocurrency sector, with Consensys’ leadership pointing to the US Securities and Exchange Commission’s (SEC) “abuse of power” as a significant factor.

In a recent blog post, founder and CEO Joe Lubin expressed frustration over the financial and operational strains imposed by ongoing regulatory actions.

Lubin said, “Multiple cases with the SEC, including ours, represent meaningful jobs and productive investment lost due to the SEC’s abuse of power and Congress’s inability to rectify the problem.” He added that such actions from the government will cost crypto companies millions in legal fees and lost business opportunities, stifling innovation in a sector that is on the cusp of mainstream adoption.

The legal battles between Consensys and the SEC primarily focus on the regulator’s claims that Consensys has been operating as an unregistered broker, particularly through its MetaMask services.

According to the SEC, the company’s operations could involve the offer and sale of securities, which would require formal registration.

The dispute has escalated with Consensys filing a countersuit against the SEC, alleging regulatory overreach. The company argues that the SEC’s aggressive stance is a “power grab” over Ethereum, designed to exert more control over decentralized financial products.

This stance aligns Consensys with several other crypto companies, including Coinbase and Grayscale, that have also resisted SEC enforcement, signalling a larger industry pushback against unclear regulations.

Despite these challenges, Consensys maintains a strong market position, continuing to focus on Ethereum-based products like MetaMask and Infura, which have become essential tools within the blockchain ecosystem.

To navigate this uncertain landscape, the company is taking steps to streamline its operations, positioning itself for agility and long-term sustainability in an evolving, often volatile industry.

Looking forward, Consensys aims to enhance decentralization within its own structure. By progressively transforming its products into protocols, Consensys envisions itself evolving from a centralized company to a “Network State,” with tools like MetaMask anchoring this new direction. This shift could enable a more decentralized, web3-native future, where small, agile companies lead the economy and foster innovation.

Through these structural changes, Consensys seeks to uphold its commitment to Ethereum’s mission while adapting to an ever-changing regulatory and economic environment.

The post Consensys lays off 20% of its total workforce appeared first on CoinJournal.