A听startup听aiming to make听cryptocurrency听more accessible听and useful听through its听鈥楶ayPal for crypto鈥櫶齭ervice听has secured听Financial Conduct Authority听registration.听
Ramp听was founded in 2017 by CEO Szymon听Sypniewicz听and CTO/CPO听Przemek Kowalczyk to听open up听digital听assets to more businesses and users.听听听
Until now, cryptocurrencies have largely been the reserve of enthusiasts, not everyday people, and have centred around crypto听exchanges such as听Coinbase and听eToro.听听
These services let customers exchange fiat money 鈥� such as euros, pounds sterling or dollars 鈥� for cryptocurrencies and other听cryptoassets. However, they are built for users who want to speculate on the prices of听cryptoassets听and buy, hold and sell coins.听听听
This is an extremely narrow听remit which Ramp says fails to address the potential and power of crypto.听听
To听solve this, Ramp has built a non-custodial, full-stack payment infrastructure. Through its听software development kit (SDK),听it says听any brand or partner who wants to offer crypto-enabled services as part of their business model can听do so easily and securely.听
/former-twilio-exec-joins-crypto-tech-firm-moonpay/
Now听Ramp听Swaps Limited 鈥� part of the Ramp听Group听鈥� has become one of only nine companies, and the first to offer on-ramping, to be registered听with the FCA听as a听cryptoasset听firm.听听听
Under the Money听Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, firms carrying out specific听cryptoasset听activities in the UK听have to听be registered with the FCA. As part of this registration process, companies need to provide evidence of how they run and structure their business, how they market their products, and namely how they protect their clients and customers听from financial threat and risk.听听
Only companies that pass the FCA鈥檚 fit and proper assessment听are placed on the list of registered听cryptoasset听firms.听听
Over the past year, the group has raised 拢7.2 million in funding, has grown 50% month-by-month and doubled its team. 听
Investors include听NfX, Galaxy Digital,听Seedcamp,听firstminute听capital and Fabric Ventures, as well as Mozilla, plus notable business angels associated with Coinbase (Balaji S. Srinivasan), Wise (Taavet听Hinrikus), Dapper Labs (Roham听Gharegozlou), IKEA (Bartek Pucek) and many more entrepreneurs and executives from FinTech and crypto industries.听
The company has recently partnered with more than 200听developers, including Mozilla, Opera Browser, Dapper Labs (the company behind NBA Top Shot and the new Flow blockchain), and top crypto and听DeFi听apps like听Aave, Argent and Zerion.听听
鈥淩egulations play a vital role in both protecting us,听our users and financial markets today, but also in building a world where everyone is given the opportunity to experience the many benefits that come from advanced and decentralised financial technologies,鈥澨齭aid听Ramp co-founder and CEO听Sypniewicz.听听
鈥淔rom day one we鈥檝e put regulation at the heart of what听we do. We鈥檝e employed the best counsels, legal firms and compliance professionals to ensure we鈥檙e going above and听beyond听and I feel our landmark registrations in recent years are a sign we鈥檙e achieving this goal.听听听
鈥淟eading the industry in both regulatory compliance听and technical innovation, we continue to connect users from traditional finance to the new, decentralised and open finance future and, by building great technology that solves compliance challenges, our customers, and our customers听customers听can get on with听enjoying all the myriad ways in which听cryptoassets听are evolving.鈥澨�听
Over the past two years, Ramp has been acquiring both听partners implementing Ramp in their apps and wallets, and individual users, using the platform directly to exchange fiat and cryptocurrencies.听听
It听says it听has also听been working with Alior Bank to learn the ropes of cooperating with a major bank.听
Cryptocurrency