Crypto infrastructure startup Ramp has launched a platform for transferring digital assets back to fiat currency after receiving permission from regulatory authorities for relevant activities.
In 2021, Ramp received approval from the UK FCA and the US FinCEN for on-ram, a product that allows users to buy cryptocurrencies from traditional currencies. Now the company has permission from the FCA to use the off-ramp product. The new service will allow customers to transfer their digital assets back to fiat currency.
With the help of the new product, consumers of the company’s financial services in more than 130 countries can exchange any of the 38 cryptocurrencies for US dollars, euros, and pounds.
Several leading Web3 firms, including Brave, Ledger, and Trust Wallet, have committed to off-ramp integration.
Paulina Yoshkuv, Head of Ramp’s commercial department, noted that in order to obtain and subsequently own the FCA registration, the company must coordinate the specifics of its activities with the regulatory framework of the regulator aimed at countering money laundering and the financing of terrorist groups. She called obtaining registration a huge achievement of the company, emphasizing that compliance with the norms is the cornerstone of the Ramp business.
The company received permission for mass use of the new product after raising $ 70 million following the results of the Series B financing round. In the Series A round, the firm received $53 million in funding.
Staptap sees its mission in making Web3 a reality. The world’s most trusted brands and innovative blockchain enterprises are collaborating with Ramp to ensure the mass adoption of their services.
The company was established in 2018 by Szymon Stankiewicz (chief executive officer) and Przemek Kowalczyk (chief product officer). The firm’s headquarters are located in London. There are also startup’s offices in Warsaw, Wroclaw, and Miami.
As we have reported earlier, HashKey Capital Raises $500 Million for Web3 Fund.