Ramp expands US presence with FinCEN regulation

On Tuesday, crypto-fiat gateway payments platform Ramp announced that its U.S. subsidiary Ramp Swaps LLC has registered with the Treasury Department’s Financial Crimes Enforcement Network as a money services business. The regulatory green light enables Ramp to operate in 38 US states. In addition to development, Ramp is also licensed by the UK Financial Conduct Authority and the Polish Financial Supervisory Authority.

Ramp allows users to buy cryptocurrencies directly in their wallets and decentralized applications or DApps. Last year, the company’s transaction volume increased by about 30 times.It has partnerships with more than 400 blockchain entities around the world, including Axie Infinity, Mozilla, Opera Browser, Aave, Trust Wallet, and is the Fantasy non-fungible token football (soccer) game Sorare.

The year before, Ramp proposed $52.7 million In a Series A round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital and angel investors. The company claims that developers can integrate their DApps with the Ramp software in just a few hours, allowing users to convert their fiat currency to cryptocurrency and start their virtual experience.

Szymon Sypniewicz, CEO and co-founder of Ramp Group, issued the following statement on the development:

We have always believed that to be a leader in this market, ingress providers must earn the trust of their partners and users. Therefore, we have taken all steps to meet, if not exceed, the relevant legal and financial standards that apply to us, no matter how strict.