Olá, Brasil! Ramp expands into the largest economy in Latin America

Thiago Earp

26.7.2023

Reading time:

2 minutes

We’re thrilled to announce that we’ve just established a local entity in Brazil, the largest economy in Latin America and one of the fastest-growing crypto communities in the world.

Last edited on

July 26, 2023

This move is a clear signal of our commitment to building a strong presence in the region, with card payments and national currencies, including the Brazilian Real which is already available on our platform.

Our Brazilian entity also opens up new opportunities for local web3 projects and global businesses looking to tap into the Brazilian market.

Brazil: spearheading crypto adoption

Brazil has by far the biggest population of all Latin American nations, and is one of the largest economies in the world. The country also has a long history of openness to financial innovation - and this shows in how fast Brazilians are warming up to crypto.

According to the 2023 Blockchain Report by Sherlock Communications, Brazil has emerged as the seventh-ranked country in the world in terms of crypto adoption, with more than 16 million people using crypto, and this trend shows no signs of slowing.

The country’s government has also signaled it’s serious about crypto, passing legislation to regulate the industry in 2023 and encourage further adoption, innovation, and growth.

Brazil’s soaring level of crypto adoption makes it an ideal base for Ramp’s expanding Latin America operations, enabling it to better serve customers in the region.

Opening the doors to Latin America

Brazil’s leadership in crypto adoption and usage across the region makes it a natural entry point to the Latin American market - which has emerged as a key target market and one of the world’s fastest-growing regions in terms of crypto adoption.

According to Chainalysis’ latest Global Adoption Index, Latin America accounted for 9.1% of all crypto value received globally in 2022, reaching $562 billion between July 2021 and June 2022 - a 40% growth in this period.

Moreover, the report ranked four Latin American nations - including Brazil, in 7th place - among the world’s top crypto adopters, driven by factors such as storing value, remittances, and investing through decentralized finance.

Welcoming partners to Brazil

By establishing a local presence, we aim to make crypto onboarding even more seamless and easy for Brazilian users by adding local, familiar payment methods:

^{From the onset, our focus has been on providing value to our users in Brazil and other significant Latin American countries through card payments. A little over a month ago, we strengthened this by introducing transaction support for over 40 national currencies, including the Brazilian Real and other regional currencies.}
_‍_{Szymon Sypniewicz, CEO of Ramp.}

Through our new Brazilian entity, we also expect to offer our current and future partners a hugely improved path into this booming emerging market:

^{As we enhance our services, we're thrilled to offer our partners such as TrustWallet, Exodus, Sorare, BitPay, Argent, and Brave improved access to this dynamic market. We’re not just striving to be globally available but to resonate with the local needs, and this development underscores our commitment to being an integral part of the crypto adoption journey for our users across Latin America."}
‍_{Szymon Sypniewicz, CEO of Ramp.}

Bem-vindo ao Brasil

As we strengthen our local presence, we’re looking forward to better serving customers and partners in the country - and beyond.

Looking to tap into this huge, dynamic country and bring in a highly engaged user base to your app? We can help. Hit us up now, and let’s get your integration started.