Crypto payments firm Ramp has raised $70 million in Series B funding as the founder claims its valuation has increased by more than 50%.
Ramp's core product is its software development kit for on- and off-ramp payment features where users can buy cryptocurrencies via debit and credit cards, bank transfers and Apple Pay. One of its competitors, Wyre, was subject to a failed acquisition deal by fintech firm Bolt, whichSypniewicz said Ramp wasn't interested in such a deal, citing the opportunity still at stake for the firm to build a payment bridge to the crypto world.Sypniewicz said Europe and the U.S.
"We are incredibly excited about Mexico and Brazil because these are very big markets. But also because there's very strong crypto literacy there," said Sypniewicz."But using products that have on-ramps built into them is still quite painful in these countries because card payments don't work very well there."
Along with product building, the round will also finance its expansion to other markets. Drawing on Korelya Capital's strong links with the region, the firm is looking to soon enter Japan and Korea by procuring licenses in the two countries to operate in a regulated fashion. "To be globally available and locally connected will require us to get licensed in these countries and partner up with local financial institutions to get access to local fiat roles," said Sypniewicz.its own in-house NFT minting service in June. For such products, Sypniewicz said that they already have a feature available with a partner and will be looking to pursue further partnerships to build out other offerings.
With the extra dollars, he claims that the company now has close to three years of runway to push towards becoming the defacto crypto payment onramp.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
HBO Turns 50: The 50 Best TV Series Performances“It’s not TV. It’s HBO.” That’s the slogan of the premium cable network that single handedly changed the television landscape forever, and ushered in the Peak TV era. With Home Box Office tur…
Read more »
Shiba Inu Returns to 50% Rally Start Level: Crypto Market Review, November 8Almost every part of the cryptocurrency market is in red, following depressing price performance on $ETH, $SOL and $SHIB
Read more »
Crypto Fund Alameda Ethereum Wallet Holdings Slumped 50% Since OctoberCrypto fund Alameda Research holds just over $222 million in various cryptocurrencies over 56 Ethereum addresses, down from over $500 million in early October. By shauryamalwa
Read more »
Crypto.com: The best place to buy Bitcoin, Ethereum, and 250+ altcoinsJoin the 50M+ users who are investing with Crypto.com. Access an ecosystem of crypto-related products, including the Crypto.com App, Crypto.com Visa Card, Crypto.com Exchange, Crypto.com Pay, and Crypto.com NFT.
Read more »
Ramp, builder of crypto payment rails, raises $70MCan we get crypto payments as popular as PayPal transactions? Ramp might be going in that direction with their $70M raise. (Reporting via forgeforth_)
Read more »
The 5 most influential crypto market players in the year when $2 trillion was wiped outIn this historic year for crypto, five players are on the MarketWatch 50 for having the most influence over the current market state of crypto.
Read more »