Users may buy cryptocurrency directly in their wallets and decentralized apps, or dApps, using Ramp.
Ramp Swaps LLC, a crypto-fiat gateway payments platform based in the United States, got its registration as a Money Service Business from the Department of Treasury’s Financial Crimes Enforcement Network on Tuesday.
Ramp now has regulatory approval to operate in 38 states across the United States. Ramp has also received regulatory approval from the Financial Conduct Authority in the United Kingdom and the Financial Supervision Authority in Poland.
Users may buy cryptocurrency directly in their wallets and decentralized apps, or dApps, using Ramp. The company’s transaction volume increased by 30 times last year. It has alliances with over 400 blockchain companies throughout the world, including Axie Infinity, Mozilla, Opera Browser, Aave, and Trust Wallet, and is the sole on-ramping partner for the fantasy nonfungible tokens football (soccer) game Sorare.
Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors led a $52.7 million Series A investment round for Ramp last year. Developers can link their dApps with Ramp software in as little as an hour, according to the company, allowing customers to change their fiat money into crypto and begin their virtual experience.
Ramp Group’s CEO and co-founder, Szymon Sypniewicz, made the following statement in response to the news:
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.