Saturday, December 9, 2023

Ramp Network, a startup offering payment infrastructure to connect crypto and traditional finance, opened a local entity in Brazil in a bid to expand into Latin America.

In the South American country, the company will offer its software development kit (SDK) for clients — including Web2 enterprises, crypto wallets and Web3 games — enabling their users to buy crypto via an end-to-end, non-custodial on-ramp, as well as offering a crypto to fiat off-ramp.

“This year, we are fully dedicated to establishing a strong presence in Latin America, and the reason for that is that this is a very interesting market for us,” Łukasz Anwajler, chief technology officer at Ramp, told CoinDesk, citing latest survey published by blockchain data analytics platform Chainalysis.

He said that Brazil ranked seventh in the list of countries with the highest crypto adoption while Latin America as a region accounted for 9.1% of all crypto value received globally last year, according to the data from Chainalysis.

Recent crypto regulatory clarity in Brazil was one of the reasons for Ramp to open an entity in the South American country, Anwajler stated. In December, Brazil passed a law that creates a “virtual service provider” license, which is to be requested by digital asset companies, including exchanges and trading intermediaries.

Several companies have been expanding into Latin America and particularly in Brazil recently. Earlier this year, giant crypto exchange Coinbase (COIN) said that it integrated the Brazilian government’s payment system Pix and started allowing crypto purchases with Brazilian reals.

In Brazil, Ramp will look to link up with local payment networks, such as the widely used Pix, which is also hiring in the South American country, said Anwajler, adding that Brazil will serve as Ramp’s hub for Latin America, as the company plans to continue to grow in the region.

One month ago, the company added the Brazilian real and other Latin American currencies to its portfolio, the company said in a statement, detailing that it also allowed the possibility for users in Brazil to purchase crypto through card payments.

In November 2022, Ramp raised $70 million in a Series B funding round that was co-led by Mubadala Capital — an arm of one of United Arab Emirates’ sovereign wealth funds — and Korelya Capital.

The company allows users to buy and sell cryptocurrencies, and provides an integration for websites and applications to do the same. Ramp’s supported payment methods to buy crypto include credit, debit cards, a bank transfer, Apple Pay and Google Pay.

Some of Ramp’s larger clients include Argent, Trust Wallet, Axie, Brave and Opera, according to its website.

Read more: Latin American Stablecoin Adoption Expected to Grow Amid High Inflation

Edited by Aoyon Ashraf.

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