Cryptocurrency-focused fintech startup Ramp has raised $70 million in venture capital, furthering its promise to continue building a unified payment experience for digital assets.
The Series B investment round was co-led by venture firms Mubadala Capital and Korelya Capital, Ramp revealed on Wednesday. As Cointelegraph reported, Ramp raised $53 million in a Series A funding round that closed in December 2021, bringing its total capital raising to about $123 million.
Ramp management said the new funds would go towards enhancing its product line, expanding into new locations and increasing the number of fiat currencies and payment methods offered.
Ramp’s main clients are blockchain companies and protocols that want to offer users a more agile experience when transacting with cryptocurrencies. Ramp provides a complete, non-custodial payment infrastructure that, when deployed, allows users to purchase crypto assets within decentralized apps and websites. The company likens its services to Paypal and Stripe in that companies can use Ramp to offer users a “simple shopping experience” across e-commerce platforms.
Crypto payments infrastructure is seen as vital to supporting the emergence of Web3, an umbrella term describing a future iteration of the Internet that embodies the value of decentralization. Many in the blockchain community believe that unleashing the power of cryptocurrency payments is necessary to promote mass adoption of the underlying technology.
Venture capital continues to support projects that build payment rails that connect cryptocurrencies to the broader financial system. Although venture capital funding has declined in the second half of the year due to the bear market, 2022 has been a record year for funding deals.
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