The companys move into the largest economy in Latin America signals its commitment to build a strong presence in the region, with card payments and national currencies, including the Brazilian Real, already available on their platform.
Ramp, a financial technology company building payment rails connecting crypto to the global financial system, announced the creation of a local entity in Brazil to provide Latin American consumers with a fast, secure, and convenient way to buy and sell cryptocurrencies.
Ramps expansion into Brazil is a key step on the way towards fulfilling its ambition of making Web3 accessible to everyone, everywhere, through an automated and frictionless onboarding experience. The companys move also opens up new opportunities for local web3 projects and global businesses looking to tap into the Brazilian market.
With Ramps on-ramp and off-ramp products, users can buy and sell cryptocurrencies using traditional national currencies, securely and quickly. Developers can integrate Ramps solutions into their products, enabling users to buy and sell cryptoassets natively within their applications.
Ramp, which raised $70 million in funding last year, is serious about global crypto adoption, and Latin America has emerged as a key target market and one of the worlds fastest-growing regions in terms of crypto adoption. According to Chainalysis latest Global Adoption Index, Latin America accounted for 9.1% of all crypto value received globally in 2022, reaching $562 billion between July 2021 and June 2022 a 40% growth in this period. Moreover, the report ranked four Latin American nations including Brazil, in 7th place among the worlds top crypto adopters, driven by factors such as storing value, remittances, and investing through decentralized finance.
From the onset, our focus has been on providing value to our users in Brazil and other significant Latin American countries through card payments. A little over a month ago, we strengthened this by introducing transaction support for over 40 national currencies, including the Brazilian Real and other regional currencies. stated Szymon Sypniewicz, CEO of Ramp.
As we enhance our services, were thrilled to offer our partners such as TrustWallet, Exodus, Sorare, BitPay, Argent, Brave an improved access to this dynamic market. Were not just striving to be globally available but to resonate with the local needs, and this development underscores our commitment to be an integral part of the crypto adoption journey for our users across Latin America, added Sypniewicz.
The 2023 Blockchain Report by Sherlock Communications states that Brazil has emerged as the seventh-ranked country in the world in terms of crypto adoption, with more than 16 million people using crypto. Brazils government has also embraced crypto, passing legislation that seeks to regulate the industry in 2023 and encourage further adoption, innovation, and growth. Brazils soaring level of crypto adoption makes it an ideal base for Ramps expanding Latin America operations, enabling it to better serve customers in the region.
Ramp is a financial technology company building solutions that connect the crypto economy with todays global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience when converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the worlds major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
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