Cryptocurrency payments platform Ramp announced on Tuesday that its U.S. subsidiary Ramp Swaps LLC has been registered as a financial services company with the Treasury Department's Financial Crimes Enforcement Network. The regulatory green light allows Ramp to operate in 38 states across the United States. In addition to development, Ramp also has regulatory approval with the Financial Services Authority of the United Kingdom and the Financial Supervisory Authority in Poland.
Ramp allows users to buy cryptocurrencies directly in their wallets and decentralized apps or DApps. The company increased its transaction volume by about 30 times last year. It works with more than 400 blockchain entities around the world, including Axie Infinity, Mozilla, Opera Browser, Aave, Trust Wallet and is the exclusive partner forfantasy non-exchangeable token soccer (soccer) game Sorare .
A year earlier, Ramp raised $52.7 million in a Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital and angel investors. The company says it takes developers just a few hours to integrate the DApp app with Ramp's software, allowing users to convert their fiat money into cryptocurrencies and start a virtual experience.
