A Day After Offramp's Closure: Latam Freelancers Seek Alternatives

One day after the announcement of OfframpXYZ's closure, freelancers from Latin America who used the platform to receive payments in USD began searching for alternatives. The cryptocurrency fintech announced the cessation of its operations on July 1, 2026, through a statement.

Offramp offered its users a USD account with real banking routing information, meaning an account and routing number issued in the user's name, rather than just a simple wrapper of stablecoins converted later to local currency. With this information, a freelancer could register as a beneficiary on hiring and invoicing platforms like Deel, Upwork, Fiverr, Toptal, Oyster, Rippling, and Patreon, and receive payments as if they had a U.S. bank account.

Once the payment was credited, the balance became available in the Offramp account in USD, backed according to the firm by U.S. Treasury bonds and short-term protocols. From there, the user could spend directly with a virtual VISA card linked to Apple Pay or Google Pay, make instant transfers, or pay with a QR code, without going through a currency exchange or a local bank to nationalize the funds.

This scheme --- receiving payments in USD from foreign platforms and spending immediately with a funded card from the same account --- is what was interrupted with the closure. According to the timeline published by the firm, instant transfers and QR payments were disabled from July 1, while fiat withdrawals will be available until July 31.

On platforms like Reddit, dozens of users announced the platform's closure but requested alternatives since this platform served as the only means to receive income from their work.

In the region, there are other platforms that offer a similar scheme: cryptocurrency balance associated with a physical or virtual card for direct spending, without going through a currency exchange. This is the case of Lemon Cash and BuenBit, two fintechs present in Argentina that issue prepaid cards linked to their users' crypto asset balances.

Developer Maximiliano Firtman questioned the way the closure was executed. Firtman claims that the services were suspended without any prior notice and that the notification email to users arrived more than 10 hours after the suspension.

Firtman argues that suspending financial services without a minimum notice does not align with the narrative of "journey" that the firm used in its closure statement. The developer clarified that, while he himself tested the service and had no affected funds, he knows other users who were indeed impacted by the measure.

Additionally, Firtman points out that this is not the first cryptocurrency fintech to execute a closure in this manner, although he clarified that he has no information linking the OfframpXYZ case directly to previous corporate conflicts.

In response to other users' questions in the same post, Firtman specified that the application has already been removed from stores and that the firm set a deadline until the end of the month to withdraw funds or settle pending payments.

The firm maintains that the staggered timeline aims to give users enough time to withdraw their funds before the definitive closure of the platform, scheduled for December 31, 2026.

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