A start-up planning to make virtual coins more practical and accessible via its service “PayPal for Crypto” raised £7.2 million.
Founded by Szymon Sypniewicz (CEO) and Przemek Kowalczyk (CPO/CTO) in 2017, ramp aimed to help cryptocurrencies achieve mainstream with increased business and individual usage.
To date, cryptocurrencies remain the land of enthusiasts, not anyone, and you can access digital trading on crypto platforms like eToro and Coinbase.
With exchange platforms, clients can exchange their fiat cash like pounds, dollars, and euros for crypto assets. Online traders utilize the exchanges to speculate the crypto prices, purchase, hold and sell their coins.
Ramp view this as a narrow remit, failing to showcase the power and potential of digital coins.
To resolve the issue, Ramp has created a full-stack, non-custodial payment infrastructure. Via its SDK (Software Development Kit), it declares that partners or businesses interested to offer crypto services can enjoy that securely.
Ramp utilizes its licenses and certifications for the services. It states it plans to influence crypto services as PayPal transformed online payments and e-commerce by allowing any service, app, or website to include the payment structure in their prevailing networks.
The ramp is licensed as a cryptocurrency business by FCA UK and KNF as an open banking corporate.
At the moment, the firm has partnered with over 200 developers, including Opera Labs, Mozilla, Dapper Labs, top crypto and Sorare, and DeFi apps such as Zerion, Argent, and Aave.
Galaxy Digital and NfX led the seed-capital round and participation from executives and entrepreneurs from the crypto and fintech industries.
The ramp will utilize the funding to expand its network with better and bigger partners. It would also promote accessing more brands and making cryptocurrencies exclusive and less niche. Their objectives include increasing the team three times by the end of this year and launching headquarters in various regions and developing its network further.
Sypniewicz recognized the power of human effort, tech innovation, and financial services on impacting economic growth. He further urged the necessity to include financial systems in society’s growth.
Ramp aims to accelerate cryptocurrency adoption by increasing its use cases.