- Ramp Expands Platform with 40 New Fiat Currencies, Enabling Global Accessibility for Crypto Transactions
- Brazil Empowers Central Bank to Regulate Cryptocurrencies, Opening Doors for Ramp’s Expansion in South America
- Ramp Prioritizes User Experience Amid Regulatory Challenges, Offering Convenient Onboarding for Global Crypto Adoption
Crypto payment solution Ramp has announced an expansion of its platform, adding support for 40 new fiat currencies. The move aims to facilitate easier transactions between digital and traditional currencies across borders, while also offering favorable conversion rates. With this expansion,
Ramp intends to empower individuals across 150 countries to convert between cryptocurrencies and 43 fiat currencies.
Enhanced Currency Support for Global Accessibility
In a statement, Ramp said that, the newly added currency support includes a diverse mix of developed and emerging markets, such as the Bermudian dollar, Costa Rican colón, Hungarian forint, Mexican peso, Singapore dollar, and Swiss franc. On-ramps and off-ramps play a crucial role in the adoption and usability of cryptocurrencies by bridging the gap between the crypto ecosystem and traditional financial systems.
In the cryptocurrency industry, on-ramps facilitate the acquisition of digital assets by allowing individuals to purchase or receive cryptocurrencies using fiat money. On the other hand, off-ramps enable users to convert their cryptocurrencies back into fiat currencies.
On– and off–ramps are essential for the adoption and usability of cryptocurrencies, as they bridge the gap between the crypto ecosystem and the traditional financial system. They provide a convenient means for individuals to enter or exit the crypto market, enhancing accessibility, liquidity and integration between crypto and fiat currencies.
In a tweet, Ramp stated that the addition of 40 new currencies will eliminate unnecessary friction from users fiat-crypto onboarding. The company emphasized that it has now made it easier and faster for users to access over 90 cryptocurrencies.”
The additions come after the company raised $70 million in November with a valuation just shy of $1 billion, according to CEO Szymon Sypniewicz.
Ker Farn Lee, Senior Product Manager at Ramp’s payments division stated:
““Ramp is always looking to offer the best experience to users. We’re excited that we can now eliminate the uncertainty of foreign exchange fees for users. Users can utilize their debit or credit card issued in currencies other than USD, EUR, or GBP without worrying about significant surcharges in foreign exchange fees by their banks. This might not only save their money but also provide peace of mind when making international transactions.”
Sypniewicz told Fortune that, adding these currencies allows customers to feel more comfortable using something familiar and helps them avoid fees for exchanging foreign currencies. Ramp’s technology is now available in over 150 countries.
Among the newly available currencies are the Mexican peso and Brazilian real, used by the two largest economies in Latin America. Sypniewicz told Fortune that the company is keen on expanding in South America, particularly in light of Brazil’s crypto-friendly stance. He mentioned that Ramp is working on accepting Pix, the Brazilian central bank’s instant payments service.
Brazil Empowers Central Bank to Regulate Cryptocurrencies
Last week, the Brazilian president, Luiz Inácio Lula da Silva, a.k.a. Lula, signed legislation giving the central bank the power to regulate cryptocurrencies in the country. Differing from the approach of U.S. regulators, like Chairman Gary Gensler’s Securities and Exchange Commission, the new law provides a clear defines cryptocurrencies and virtual asset service providers, allowing for a licensing system.
Sypniewicz added:
“They aim to be a great, very pragmatic regulator for crypto companies, and we are actually going to engage directly with them, obviously, to be able to continue building out our offer, and to continue operating in Brazil.”
Sypniewicz acknowledged the cost-prohibitive nature of tackling cross-border payments, making it harder for competitors to emerge. He revealed that a significant portion of Ramp’s engineers are dedicated to navigating regulations rather than building out features. He said:
“We want every user to feel like they’re interacting with something familiar.”
Despite these challenges, Ramp remains focused on competing with traditional players by prioritizing a smooth user experience. The company aims to provide a one-click onboarding process for users worldwide, ensuring that every user feels familiar with the platform.
Ramp’s expansion of its on-ramp service and support for 40 fiat currencies marks a significant step toward enabling global accessibility and usability of cryptocurrencies. By bridging the gap between digital assets and traditional currencies, Ramp aims to empower individuals across 150 countries to participate in the crypto market efficiently and conveniently.
