Ramp Introduces First-of-its-Kind Document-Free Verification for Crypto Transactions, Beginning in Brazil
Ramp Network, a fintech company dedicated to bridging the crypto economy with the global financial system, has introduced a novel, document-free verification system.
This innovation is initially available for Brazilian users purchasing cryptocurrency and is poised for broader rollout soon. This system streamlines the identity verification process, allowing users to quickly prove their identity using a verified national tax or ID number, thereby facilitating rapid onboarding and enhancing transaction efficiency.
The introduction of this document-free verification process by Ramp Network marks a significant departure from traditional methods where users are required to submit identity documents, a process that can be slow and cumbersome. Instead, Ramp’s approach allows for identity verification in seconds, leveraging users’ national tax or ID numbers. This method not only accelerates the transaction process but also upholds high-security standards and regulatory compliance.
Ramp’s innovative feature significantly improves the user experience by enabling crypto purchases up to four times faster than conventional methods. In Brazil, where this feature debuts, users can verify their identities by entering their CPF (taxpayer registry) number and taking a selfie. The system promptly cross-references this information with government databases, ensuring a quick, secure, and compliant verification process.
This advancement aligns with Ramp’s mission to facilitate the entry of millions into Web3, simplifying the process with user-friendly on- and off-ramps. As a leading fintech infrastructure provider in the cryptocurrency domain, Ramp supports the purchase of digital assets with fiat currency, accommodating numerous local currencies globally. Ramp’s solutions are accessible as a standalone application or can be integrated into third-party applications via an API, simplifying crypto purchases for app users.
Szymon Sypniewicz, CEO and co-founder of Ramp emphasized the company’s commitment to secure, efficient, and hassle-free Web3 onboarding: “At Ramp, we want Web3 onboarding to be not only secure but also smooth and rapid. That’s why we’ve implemented this innovative feature, reducing the verification process from minutes to seconds, and eliminating the need for cumbersome physical documents for such transactions. This move further reinforces our commitment to making crypto effortless.”
The decision to launch this document-free verification in Brazil is strategic, given the country’s adoption of Pix, a leading payment system, and the significance of the Brazilian real (BRL). Ramp, recognizing Brazil as a critical market, established a local entity there last year and plans to extend this innovative verification method to additional markets in the future.
Ramp Network builds payment rails connecting the crypto and traditional financial ecosystems. Offering on- and off-ramp products, Ramp enables seamless conversion between cryptocurrencies and fiat currencies for users in over 150 countries. The company integrates with major payment methods, including debit and credit cards, bank transfers, and digital wallets like Apple Pay and Google Pay, underscoring its role in making digital asset transactions more accessible and efficient.