FX24 Cryptocurrency news 07 August 2021 Hits: 1123

British regulator approves "PayPal in the field of cryptocurrencies"

FX24 Cryptocurrency news 07 August 2021 Hits: 1123

The startup became the 8th crypto company to be registered by the government.

Crypto company Ramp has been registered with the UK Financial Conduct Authority (FCA). Ramp Swaps Limited, part of the Ramp Group, is the eighth crypto company to be registered with the FCA.

British regulator approves "PayPal in the field of cryptocurrencies"

The startup says it has put regulation "at the forefront of its operations" since launch. They have hired the best consultants, law firms and compliance professionals to do their best to obtain registration.

All UK crypto companies must be registered with the FCA to comply with anti-money laundering and terrorist financing regulations. For this, the regulator evaluates and attests the applicants. Companies need to provide evidence that their business does not present financial threats and risks to customers. Earlier, the regulator reported that many crypto companies do not meet the AML requirements, so there are no ten companies on the list yet.

Ramp calls itself "PayPal for Cryptocurrencies." The company was founded in 2017 by entrepreneurs Shimon Sipniewicz and Przemiek Kowalczyk. Ramp's goal is to make digital assets available to more businesses and users. The startup allows customers to add a payment service for products or services in cryptocurrency to their website or application.

Over the past year, the Ramp Group raised £ 7.2 million in funding ($ 10 million), grew 50% monthly, and doubled its team. The startup's investors include NfX, Galaxy Digital, Seedcamp, firstminute capital and Fabric Ventures, as well as Mozilla, Coinbase, Wise, Dapper Labs, IKEA.

Ramp works with 200 development companies including Mozilla, Opera Browser, Dapper Labs (created NBA Top Shot and Flow blockchain), as well as DeFi startups Aave, Argent and Zerion.