Ramp Swaps, a subsidiary of crypto payment platform Ramp, has received approval from the Financial Crime Enforcement Network unit of the Department of Treasury. This announcement was made by Ramp on Tuesday. The approval allows the company to offer its services in 38 states in the US. It had received regulatory approvals in the UK and Poland from their respective financial conduct supervision department.
Services Offered by Ramp
The company lets users buy crypto direct to their wallets and DApps decentralized applications. Last year it was able to grow its business volume by 30%. It has partnered with more than 400 blockchain businesses across the world. Some of the companies include Opera Browser, Mozilla, Axie Infinity, Trust Wallet, and Aave. It is also the authorized on-ramping company for the fantasy NFT football game Sorare. In the previous year, Ramp in the Series A funding initiative had received $52.7 million. This round of funding was led by NFX, Balderto Capital, Galaxy Digital, Firstminute Capital, Seedcamp, and some angel investors.
A Variety of Solutions for Ramp Users
Ramp claims that developers can integrate their DApps applications with the Ramp program within a few hours. It allows users to get crypto for the fiat money and start their virtual journey immediately. Co-founder and CEO of Ramp Group, Szymon Sypniewicz, said that this latest initiative will allow on-ramp providers to establish their credibility among their users and partners. He said the company has taken all measures to comply with the relevant financial and local regulations.
The company will continue its onboarding services that allow its partners to comply with KYC (know your customer) rules. They can detect fraud efforts early using these tools.