Crypto Ramp Raises $ 52.7M To Become PayPal

Rancakmedia.com – Payments company Crypto Ramp has funded $ 52.7m (£40m) for its payment infrastructure software that allows the company to set up crypto payments within the app.

The Series A financing was led by Balderton Captial, a venture firm working in Europe that has previously supported British cybersecurity firm Darktrace, AI drug discovery startup Healx and semiconductor business Graphcore.

Existing investors NFX, Galaxy Digital, Seedcamp and Firstminute Capital also contributed. Crypto Ramp has secured investment from angel investors, Wise co-founder Taavet Hinrikus, and TrueLayer co-founder Francesco Simonesci.

As part of the arrangement, Balderton's general partner, Rana Yared, will join the Crypto Ramp board.

This follows a £7m Seed round six months ago and current investments bring the total cash received to £47m ($63m).

Founded in 2017 in Poland, Crypto Ramp offers software development kits that help companies provide crypto-enabled services.

PayPal Crypto Ramp For Crypto Assets and Payment Systems

Despite the steady growth in retail acceptance of cryptocurrencies, the primary method consumers spend their cryptocurrency is by converting it back into fiat money. This is usually done through an exchange like Coinbase or eToro, which often comes with a fee.

In contrast, Crypto Ramp serves as an intermediary for cryptocurrency exchanges and businesses that incorporate cryptocurrency into their apps and websites. It does not store the cryptocurrency itself.

The company received Financial Conduct Authority (FCA) clearance in July and more recently from US FinCen, allowing it to legally operate in the US. It also has regulatory permits in Poland.

The technology is featured in the Opera browser, which allows users to top up crypto wallets from within the app. Game Sorare NFT uses its technology to allow players to buy and trade virtual players using Ethereum.

PayPal Crypto Ramp For Crypto Assets and Payment Systems

“There is so much promise in releasing cryptocurrencies and digital assets beyond the current restricted and restricted use cases,” said Szymon Sypniewicz, co-founder and CEO of Ramp. With a source they can trust, we are on a mission to enable fast access to cryptocurrencies.

A total of over 400 developers have worked with Crypto Ramp so far. This includes Mozilla as well as Trust Wallet and Dapper Labs. It said its transaction volume had jumped 30x in a year, while its staff had quadrupled over the previous six months.

Rana Yared, general partner at Balderton Capital and now a board member of Crypto Ramp, said: “We really think that digital assets will generate seismic upheaval, where this emerging technology will have a tremendous impact across gaming, financial services and how we have real assets. ”

Conclusion:

Payments company Crypto Ramp has secured $52.7m (£40m) for its payment infrastructure software that allows the company to set up crypto payments within the app.

This follows a £7m Seed round six months ago and current investments bring the total cash received to £47m ($63m). Crypto Ramp is a London-based start-up that allows users to top up crypto wallets from within the Opera browser.

It does not store the cryptocurrency itself. Game Sorare NFT leverages its technology to allow players to buy and trade virtual players using Ether.

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