In an effort to grow in Latin America, Ramp Network, a firm that provides payment infrastructure to link traditional finance with cryptocurrency, created a local organization in Brazil.The firm will make its software development kit (SDK) available in the South American nation for clients, including Web2 enterprises, crypto wallets, and Web3 games, allowing their users to purchase cryptocurrencies via an end-to-end, non-custodial on-ramp and providing a crypto to fiat off-ramp.
“This year, we are fully dedicated to establishing a strong presence in Latin America, and the reason for that is that this is a very interesting market for us,” Łukasz Anwajler, chief technology officer at Ramp, said in a statement, citing latest survey published by blockchain data analytics platform Chainalysis.
According to data from Chainalysis, which he cited, Latin America as a region accounted for 9.1% of all crypto value received globally last year, and Brazil was sixth on the list of nations with the largest adoption of cryptocurrencies.According to Anwajler, recent crypto legislative clarification in Brazil was one of the factors driving Ramp to establish a presence there.A law was passed in Brazil in December that establishes a “virtual service provider” license that firms dealing in digital assets, such as exchanges and trading intermediates, must apply for.
Recently, a number of businesses have been growing in Latin America, particularly in Brazil.Giant cryptocurrency exchange Coinbase (COIN) said earlier this year that it had integrated the Pix payment system used by the Brazilian government and had begun enabling real-currency crypto purchases.Anwajler added that Brazil will act as Ramp’s hub for Latin America as the firm wants to continue expanding in the region. Ramp will look to connect with regional payment networks in Brazil, such as the popular Pix, which is also hiring there.
According to a statement from the company, it recently introduced the Brazilian real and other Latin American currencies to its portfolio. It also made it possible for consumers in Brazil to buy cryptocurrency using card payments.In a Series B investment round co-led by Mubadala Capital, a division of one of the sovereign wealth funds of the United Arab Emirates, and Korelya Capital in November 2022, Ramp raised $70 million.The business offers a platform for websites and applications to integrate with, enabling consumers to purchase and sell cryptocurrencies.Credit cards, debit cards, bank transfers, Apple Pay, and Google Pay are all accepted payment options on Ramp for purchasing cryptocurrencies.
According to Ramp’s website, some of its more significant clients include Argent, Trust Wallet, Axie, Brave, and Opera.