Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

Rick Steves

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Ramp has launched its off-ramp product, which empowers users to transfer their digital assets back into fiat currency, following approval from the UK Financial Conduct Authority.

In 2021, the blockchain firm introduced its on-ramp service, registered with the UK’s Financial Conduct Authority (FCA) and US Financial Crimes Enforcement Network (FinCEN), that allows users to buy cryptocurrencies from traditional currencies.

Off-ramp available in 130+ countries. Convert 38 cryptos into USD, EUR, GBP

The fintech company is specialized in building payment rails connecting crypto to the global financial system. The off-ramp product launch and FCA approval come shortly after Ramp’s $70m Series B fundraise.

Several Web3 companies have committed to integrating Ramp’s off-ramp, including Brave, Ledger, and Trust Wallet, the firm stated. Customers in more than 130 countries can exchange from any of 38 cryptocurrencies into US Dollars, Euros, and British Pounds. Companies who integrate Ramp can now enable their end users the option to sell coins natively, within their application.

Paulina Jóśków, head of commercial at Ramp, said: “We’re incredibly proud not just to have delivered a game-changing product that is user-friendly, fast, and accessible for everyone in the world, but also to be granted FCA approval. To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

With Ramp, Web3 projects don’t need to sell crypto on exchanges

In the United States, consumers can process their transactions through automated clearing house (ACH) transfers, a common method used for direct deposits of paychecks, debts for regular payments, and money transfers. Users whose banks support Real-Time Payments (RTPs) will benefit from near-instant payouts, which will see dollars deposited into their accounts typically within seconds.

Ramp is offering an array of options for payouts to ensure users from all over the globe are catered to. In regions supported by Ramp outside the US, including the UK and EEA, off-ramp payment to cards is supported by major global credit and debit card providers. Moreover, holders of Fast Funds scheme-enabled cards can receive their funds in minutes.

Without a resilient off-ramp, Web3 projects would have to direct users to go to exchanges to sell their cryptocurrencies, which means higher friction and lower trust. Ramp enables its partners to allow their users to sell digital assets directly within their application.

Brian Bondy, co-founder and CTO at Brave, said: “Brave is expanding its partnership with Ramp to offer new opportunities for our more than 55 million monthly active users. Ramp offers an essential service with off-ramp, which will soon allow Brave Wallet users to enjoy a seamless journey in and out of Web3.”

Eowyn Chen, CEO at Trust Wallet, commented: “At Trust Wallet, we always see on-ramps and off-ramps as critical capabilities for reaching a larger user base and significantly increasing cryptocurrency mass adoption. Ramp has been an important partner in establishing a reliable channel between fiat and cryptocurrency, and we’re thrilled to continue working together to bridge the gap between the traditional financial systems and the crypto world.”

Ian Rogers, Chief Experience Officer at Ledger, added: “This year Ledger is focused on pairing ease of use with our uncompromising and unmatched security. To bring more people into the ecosystem and enable them to self-custody, we must have secure on-ramp and off-ramp options – that’s why we’re proud to continue supporting Ramp on Ledger Live, the most secure way to use Ramp’s services. Now the millions of Ledger users, and the continuous stream of new users opting for Ledger’s secure hardware every day, can take advantage of the comprehensive flow offered by Ramp through Ledger Live.”

Ramp Swaps LLC is registered as a money services business with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network.

Ramp Swaps Ltd is registered as a cryptoassets business by the UK Financial Conduct Authority for crypto activity.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<