Ramp US expands presence in US with FinCEN regulation
Gartner predicts 20% of large enterprises will use digital currencies by 2024. But today, purchasing assets remains complex and organizations looking to embrace blockchain based currencies face technological, regulatory, legal, and strategic challenges.
Ramp’s core product, which handles onboarding, know your customer (KYC) and fraud detection while at the same time improving user experience, has sought to demonstrate its customer centricity, ease of use and trustworthiness from the outset. Regulation is therefore critical. Earlier in 2021, Ramp Swaps Ltd (Ramp UK). was only the eighth cryptoassets firm to be registered as a cryptoasset business by the UK’s Financial Conduct Authority (FCA). Ramp Link sp. z.o.o. was also the first on-ramping company in the world to receive an open banking registration from The Polish Financial Supervision Authority (KNF), in 2020.
Founded in 2018, Ramp has swiftly risen to become one of Europe’s most exciting start-ups, raising $52.7m Series A. In 2021, the company grew its transaction volumes 30x while tripling its team in just six months. Ramp Group is partnered with more than 400 developers worldwide, including the likes of Axie Infinity, Mozilla, Opera Browser and Dapper Labs, and is the exclusive on-ramping partner for Sorare, the blockchain-based game that raised a $680m Series B round earlier this year, at a valuation of $4.3bn. The FinCEN registration means Ramp US can offer an array of highly sophisticated services to its patterns in the US.
“Our view has always been that, to lead in this market, on-ramp providers must earn the trust of their partners and users. So we have taken every measure to meet, if not exceed, the relevant legal and financial standards that apply to us, no matter how stringent. With regulatory registration on both sides of The Atlantic, Ramp Group is well positioned to partner with firms of any size, from emerging NFT platforms, through to blue chip, multinational organizations,” said Szymon Sypniewicz, CEO and co-founder at Ramp Group.
Ramp’s investors include NFX, Galaxy Digital and Seedcamp, Firstminute Capital, with angel investors including the likes of Taavet Hinrikus (Wise) and Francesco Simonesci (TrueLayer).