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Ramp expands presence in US with FinCEN regulation

source-logo  cointelegraph.com  + 1 more 11 January 2022 21:00, UTC

On Tuesday, crypto-fiat gateway payments platform Ramp announced that its U.S. subsidiary Ramp Swaps LLC hadreceived its registration as a Money Service Business with the Department of Treasury's Financial Crimes Enforcement Network. The regulatory greenlight enables Ramp to do business in 38 states across the U.S. Besides the development, Ramp also has regulatory clearance with the U.K.'s Financial Conduct Authority and Poland's Financial Supervision Authority.

Ramp allows users to buy crypto directly in their wallets and decentralized applications, or dApps. Last year, the company grew its transaction volume by approximately 30x. It has partnerships with over 400 blockchain entities worldwide, including Axie Infinity, Mozilla, Opera Browser, Aave, Trust Wallet, and is the exclusive on-ramping partner for fantasy nonfungible tokens football (soccer) game Sorare.

The year prior, 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 firm claims that it takes mere hours for developers to integrate their dApps with Ramp software, allowing users to convert their fiat money into crypto and begin their virtual experience.

Szymon Sypniewicz, CEO and co-founder at Ramp Group, issued the following statement regarding the development: 

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.

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