Ramp expands its presence in the United States with the regulation of FinCEN

Ramp expands its presence in the United States with the regulation of FinCEN

On Tuesday, cryptocurrency payments platform Ramp announced that its US subsidiary Ramp Swaps LLC had received its registration as a money services company with the Financial Crime Control Network of the US Department of the Treasury. The regulatory green light allows Ramp to do business in 38 states within the United States. In addition to this development, Ramp also has regulatory clearance with the UK Financial Conduct Authority and the Polish Financial Supervisory Authority.

Ramp allows users to buy cryptocurrencies directly from their decentralized wallets and apps, or dApps. Last year, the company increased its transaction volume by approximately 30 times. It has partnerships with more than 400 blockchain entities around the world, including Axie Infinity, Mozilla, Opera Browser, Aave, Trust Wallet, and is the exclusive entry ramp partner for the non-fungible token-based fantasy football game, Sorare. .

Past year, Ramp raised $ 52.7 million in a Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital and angel investors. The company claims that it takes developers just a few hours to integrate their dApps with Ramp’s software, allowing users to convert their money into cryptocurrencies and start their experience in the world of digital assets.

Szymon Sypniewicz, CEO and co-founder of Ramp Group, issued the following statement in this regard:

“Our view has always been that, to lead this market, entry ramp providers must earn the trust of their partners and users. Therefore, we have taken all measures to meet, if not exceed, the relevant legal and financial standards. that apply to us, however strict they may be. “

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