Ramp Raises $10 Million to Expands Its ‘PayPal for Crypto’ Service

UTC by Benjamin Godfrey · 3 min read
Ramp Raises $10 Million to Expands Its ‘PayPal for Crypto’ Service
Photo: Depositphotos

Ramp is building in the cryptocurrency ecosystem, which Paypal has been able to enshrine in the world of ecommerce.

European-based digital currency payment provider, Ramp has raised the sum of €8.3 million ($10 million) from investors to expand its ‘Paypal for Crypto’ service offering. According to a report by EU-Startup, the new funding is targeted at pushing its services to a more global audience.

The funding round was lead by NFX and Galaxy Digital Holdings Ltd (TSE: GLXY). Other investors that participated include but not limited to Seedcamp, firstminute capital, Fabric Ventures, as well as Mozilla, and other notable business angels associated with Coinbase (Balaji S. Srinivasan), Wise (Taavet Hinrikus), Dapper Labs (Roham Gharegozlou), and IKEA (Bartek Pucek).

Ramp brandishes a technology that seeks to push crypto beyond its current limits in which its services are limited to a niche sector. While crypto services basically involve the buying, selling, and general exchange of assets on dedicated exchanges or trading platforms, their use in e-commerce is currently at a low level. This is one key change Ramp is looking to usher in, get crypto to be used by enterprises and businesses making monetary transactions online.

“Few things are as impactful on economic growth, the human effort, and technological innovation as financial services. If we’re to continue to grow as a society, we need to make sure our financial systems are following suit. Crypto is one of the most promising technological frontiers for advancing finance and payments. For years, however, the industry was focused on speculation, creating products like crypto exchanges. Unlocking crypto’s use cases seemed like an afterthought. Now we feel it’s time for the industry to start delivering useful applications and Ramp is here to make the mainstream transition to crypto much easier,” said Ramp co-founder and CEO Szymon Sypniewicz.

As an outfit with deep roots in Europe, Ramp is looking to take its crypto service globally, an ambition it hopes the current funding will help it achieve.

Ramp Crypto Service: the Attraction for Investors

Solving the challenge of inaccessibility of digital currency services by businesses is hard enough, making this product offering easily understood by non-crypto individuals is even more difficult. Irrespective of this difficulty, investors recognize the solutions Ramp is offering, with its simple-to-use SDK tool designed to be integrated on websites willing to offer crypto-related services. In short, Ramp is building in the cryptocurrency ecosystem, which Paypal Holdings Ltd (NASDAQ: PYPL) has been able to enshrine in the world of ecommerce.

“It’s a matter of when, not if, non-crypto-native users are going to use crypto-native products. The question of “when” depends on usability. To date, crypto products have had a high barrier to entry – you have to basically go through a Rube Goldberg machine to use many products. Mainstream users are not going to do this. That’s what excited us about Ramp. Ramp dramatically reduces the crypto barrier to entry for both non-crypto-native users and non-crypto native developers. We see Ramp, therefore, helping to meaningfully accelerate crypto adoption through enabling mainstream use cases”, said Morgan Beller, General Partner at NfX.

Ramp is looking forward to beating expectations with its invasive plans. Using the new funding, it hopes to build new headquarters in new regions and developing the platform further. The startup has an active partnership with Alior Bank, in a bid to explore the intricacies in offerings its technology to banking clients.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

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