“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”
Ramp has launched its off-ramp product, which empowers users to transfer their digital assets back into fiat currency, following approval from the UK Financial Conduct Authority.
In 2021, the blockchain firm introduced its on-ramp service, registered with the UK’s Financial Conduct Authority (FCA) and US Financial Crimes Enforcement Network (FinCEN), that allows users to buy cryptocurrencies from traditional currencies.
Off-ramp available in 130+ countries. Convert 38 cryptos into USD, EUR, GBP
The fintech company is specialized in building payment rails connecting crypto to the global financial system. The off-ramp product launch and FCA approval come shortly after Ramp’s $70m Series B fundraise.
Several Web3 companies have committed to integrating Ramp’s off-ramp, including Brave, Ledger, and Trust Wallet, the firm stated. Customers in more than 130 countries can exchange from any of 38 cryptocurrencies into US Dollars, Euros, and British Pounds. Companies who integrate Ramp can now enable their end users the option to sell coins natively, within their application.
Paulina Jóśków, head of commercial at Ramp, said: “We’re incredibly proud not just to have delivered a game-changing product that is user-friendly, fast, and accessible for everyone in the world, but also to be granted FCA approval. To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”
With Ramp, Web3 projects don’t need to sell crypto on exchanges
In the United States, consumers can process their transactions through automated clearing house (ACH) transfers, a common method used for direct deposits of paychecks, debts for regular payments, and money transfers. Users whose banks support Real-Time Payments (RTPs) will benefit from near-instant payouts, which will see dollars deposited into their accounts typically within seconds.
Ramp is offering an array of options for payouts to ensure users from all over the globe are catered to. In regions supported by Ramp outside the US, including the UK and EEA, off-ramp payment to cards is supported by major global credit and debit card providers. Moreover, holders of Fast Funds scheme-enabled cards can receive their funds in minutes.
Without a resilient off-ramp, Web3 projects would have to direct users to go to exchanges to sell their cryptocurrencies, which means higher friction and lower trust. Ramp enables its partners to allow their users to sell digital assets directly within their application.
Brian Bondy, co-founder and CTO at Brave, said: “Brave is expanding its partnership with Ramp to offer new opportunities for our more than 55 million monthly active users. Ramp offers an essential service with off-ramp, which will soon allow Brave Wallet users to enjoy a seamless journey in and out of Web3.”
Eowyn Chen, CEO at Trust Wallet, commented: “At Trust Wallet, we always see on-ramps and off-ramps as critical capabilities for reaching a larger user base and significantly increasing cryptocurrency mass adoption. Ramp has been an important partner in establishing a reliable channel between fiat and cryptocurrency, and we’re thrilled to continue working together to bridge the gap between the traditional financial systems and the crypto world.”
Ian Rogers, Chief Experience Officer at Ledger, added: “This year Ledger is focused on pairing ease of use with our uncompromising and unmatched security. To bring more people into the ecosystem and enable them to self-custody, we must have secure on-ramp and off-ramp options – that’s why we’re proud to continue supporting Ramp on Ledger Live, the most secure way to use Ramp’s services. Now the millions of Ledger users, and the continuous stream of new users opting for Ledger’s secure hardware every day, can take advantage of the comprehensive flow offered by Ramp through Ledger Live.”
Ramp Swaps LLC is registered as a money services business with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.
Ramp Swaps Ltd is registered as a cryptoassets business by the UK Financial Conduct Authority for crypto activity.