Learn how a strategy facilitated by Ramp helped smart wallet Argent address the KYC pain point for first-time customers across the globe.
Argent is a leading L2-focused wallet application on the Ethereum ecosystem that’s able to deliver low fees and high speeds thanks to its work with solutions like zkSync.
Argent Product Manager, Matt Marshall, was looking for an on-ramp solution that offered a good user experience with KYC, low fees, availability in multiple countries, and support for the zkSync network. These features would be essential to maintaining Argent’s value propositions for end users.
More importantly, Argent needed a partner that would help it increase its funding rates — the percentage of users who actually deposit funds in their wallets — with a tailored roll-out plan.
How Ramp met Argent’s needs
Ramp was chosen by Argent thanks to the commitment to launching on zkSync, allowing Argent to offer an on-ramp direct to Layer 2 natively within the mobile wallet.
Its non-custodial, full stack fiat-to-crypto infrastructure was available through an SDK that could be quickly integrated with Argent and offered important benefits:
- Coverage: Ramp features support for the zkSync network along with direct purchases for 76 tokens across 35 different blockchains. It’s available in over 150 countries and territories and handles KYC processes.
- Tailored service: Ramp welcomes partnerships on a case-by-case basis, providing help and tailoring specific growth campaigns that are specific to their partners’ needs. For Argent, this was the idea of a “first transaction free” promotional program.
zkSync network support
The Ramp team has always been forward-thinking about blockchain infrastructure. Thanks to its existing support for the zkSync network, Ramp was ready to serve the users of an L2-focused application like Argent.
Being the first to onboard new Argent users directly from fiat to zkSync — with no stops along the way— was the first stepping stone into the integration’s success.
The number of different third-party applications users had to go through was reduced by 66%, from 3 to just 1.
The integration also ensured that Argent users would be able to fund their wallets without having to interact with sometimes costly - and potentially risky - bridge contracts.
“For people newer to the space, it’s not feasible for them to be using multiple wallets and bridging from Ethereum to zkSync and then to their Argent wallet. Easy on-ramp plays a key part in onboarding the next million people to crypto.” — Matt Marshall
“First transaction free” strategy
Once Matt reached out for a native SDK integration, the Ramp team accommodated Argent’s “first transaction free” idea.
The plan was to allow new users to buy tokens without paying any transaction fees on their first purchase aside from the blockchain network’s gas fees.
Ramp absorbed the cost of these transactions to support Argent’s strategy. It was understood that this would incentivize users to tolerate an initial KYC process and, in turn, increase recurring users for both parties.
“The first transaction is already more painful for users because of KYC, the incentive helps them overcome it. Once registered, the following transactions are much much easier.” — Matt Marshall.
Results, results, results
The integration was a complete success. Argent saw a 48% uplift in fund rate with the “first transaction free” program via Ramp.
This metric sits at the core of a wallet like Argent, since it highlights the rate of users who are ready to trust their product with actual value.
It was clear that this was due to the accommodation. The average deposit amount per user also increased by 17%.
“Since launching the “first transaction free” promotion, we saw both an initial and sustained uplift in fund rate.” — Matt Marshall.
For users buying via Ramp, the retention rate has doubled in comparison with users using other funding methods. Retention rate is measured as activity in the second month after the first deposit.
After the integration, Argent also found that users who fund their wallet via an on-ramp are much more likely to stick around and be more active.
For users who funded their Argent wallets using Ramp (as opposed to depositing via other methods such as from a different wallet):
- Avg. number of monthly deposits is 66% higher
- Avg. number of monthly transactions is 25% higher
- Avg. number of monthly app opens is 83% higher
- Avg. number of monthly trades is 12% higher
- Avg. number of monthly DeFi investments is 38% higher
Likewise, user feedback came back positive:
- “Buying crypto in the Argent wallet through Ramp was a silky smooth experience. It's awesome to just buy directly on L2, with no L1 fees. Highly recommended.” – Anonymous, Trustpilot
- “Used [Ramp] to purchase crypto through Argent. Verification process took less than 24 hrs and smooth sailing ever since for my small periodic crypto purchases.” – Beth, Trustpilot
- “The best collabo! I've been using Ramp for the past year, Argent since march. :)” – @3h2zn, Twitter
After the success of the integration, Ramp and Argent continued to collaborate on a joint promotion with MakerDAO for its DAI token.
Finally, cementing the partnership, Argent has integrated Ramp into its Argent X product for the StarkNet ecosystem.
There is no one-size-fits-all solution to a complex challenge like fiat on-ramps.
Ramp combines key differentiators such as global coverage and white-glove service to meet the specific needs of Web3 wallet services like Argent.
It has delivered results for its partners by making Web3 access as simple as possible for as many end-users as possible, whether this means direct-to-L2 support or motivating users past KYC.
Integrating and running Ramp inside your platform is totally free! Reach out now and apply for a partnership. Let’s find out how we can help you, too.
Need more information before committing? Check out the following articles:
- Integrating with Ramp: 4 things you need to get started
- Integrating with Ramp: choosing your on-ramp integration type