On Tuesday, crypto payment platform Ramp announced that its US subsidiary, Ramp Swaps LLC, has obtained registration as a financial services firm on the Treasury’s Financial Crimes Network. The regulatory green light allows Ramp to do business in 38 US states. Aside from development, Ramp also has regulatory approvals from the UK’s Financial Conduct Authority and the Polish Financial Conduct Authority.
Ramp allows users to purchase cryptocurrencies directly from their wallets and decentralized applications or DApps. In the past year, the company increased its turnover by almost 30 times. It has partnered with more than 400 blockchain devices around the world, including Axie Infinity, Mozilla, Opera Browser, Aave and Trust Wallet, and is the exclusive development partner for the non-fungible soccer game Sorare.
A year ago, Ramp raised $52.7 million in a Series 1 funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital and angel investors. The company claims that it only takes a few hours for developers to integrate DApps with Ramp, allowing users to convert their fiat money into cryptocurrency and start their virtual experience.
Shimon Sibnevich, CEO and co-founder of the Ramp Group, made the following statement regarding the development:
We have always believed that in order to lead this market, ramp suppliers must earn the trust of their partners and users. As such, we have made every effort to comply with, if not exceed, the relevant legal and financial standards applicable to us, however stringent they may be.