Ramp, builder of crypto payment rails, raises $70 million
The company is building payment rails that could make crypto purchases as ubiquitous as PayPal transactions.
New
Ramp, the crypto-focused fintech, has raised $70 million in venture capital, renewing its commitment to continue building a unified payment experience for digital assets.
The Series B investment round was co-led by venture capital firms Mubadala Capital and Korelya Capital, Ramp disclosed Nov. 9. its total capital raised at approximately $123 million.
Ramp management said the new funds will be used to improve its product line, expand into new locations, and increase the number of fiat currencies and payment methods it offers.
Ramp's primary customers are blockchain companies and protocols that want to provide users with a simpler experience when transacting with cryptocurrencies. Ramp provides a comprehensive noncustodial payment infrastructure that, when deployed, allows users to purchase crypto assets in decentralized apps and websites. The company compares its services to PayPal and Stripe in that businesses can use Ramp to provide users with a "unified shopping experience" across e-commerce platforms.
Crypto-payment infrastructure is seen as vital to supporting the emergence of Web3, an umbrella term that describes a future iteration of the Internet that embraces the value of decentralization. Many in the blockchain community believe that unleashing the power of crypto payments is necessary to promote mass adoption of the underlying technology.
Related: Web3 must connect to Web2 for real cash flow – Checkout.com VP
Venture capital continues to support projects
The company is building payment rails that could make crypto purchases as ubiquitous as PayPal transactions.
New
Ramp, the crypto-focused fintech, has raised $70 million in venture capital, renewing its commitment to continue building a unified payment experience for digital assets.
The Series B investment round was co-led by venture capital firms Mubadala Capital and Korelya Capital, Ramp disclosed Nov. 9. its total capital raised at approximately $123 million.
Ramp management said the new funds will be used to improve its product line, expand into new locations, and increase the number of fiat currencies and payment methods it offers.
Ramp's primary customers are blockchain companies and protocols that want to provide users with a simpler experience when transacting with cryptocurrencies. Ramp provides a comprehensive noncustodial payment infrastructure that, when deployed, allows users to purchase crypto assets in decentralized apps and websites. The company compares its services to PayPal and Stripe in that businesses can use Ramp to provide users with a "unified shopping experience" across e-commerce platforms.
Crypto-payment infrastructure is seen as vital to supporting the emergence of Web3, an umbrella term that describes a future iteration of the Internet that embraces the value of decentralization. Many in the blockchain community believe that unleashing the power of crypto payments is necessary to promote mass adoption of the underlying technology.
Related: Web3 must connect to Web2 for real cash flow – Checkout.com VP
Venture capital continues to support projects
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