Ramp is a London-based company that is looking at opening up businesses to digital currencies to businesses and users. During a seed round led by NfX with Galaxy Capital, the startup raised $10.1 million to expand its operations.
The seed round boasted a long list of investors. With the likes of Seedcamp, Coinbase, Moxilla, IKEA, Fabric Ventures, first minute Capital all in attendance. Wise and Dapper Labs, as well as other executives and entrepreneurs from crypto and fintech industries were also in attendance.
Is Ramp The PayPal For Crypto?
It’s hard to say if Ramp is the PayPal for crypto since PayPal announced in March that it had started allowing customers to use their crypto to pay at millions of its online merchant. PayPal has only rolled this out for its U.S. customers but has talked about rolling it out for customers in other regions.
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PayPal completely revolutionized the e-commerce and online payments space. It offered any business, company, website, or app to embed payment infrastructures into their already existing business processes. Ramp is gearing up to do the same with the e-commerce space.
Ramp is entirely crypto-based, in contrast to PayPal’s mostly fiat-based payments systems,
Relatively new to the space, the founders are very optimistic about the future of the crypto in the e-commerce space. Morgan Beller, general partner at NfX, said that it’s only a matter of when and not if non-native crypto users are going to use crypto-native products.
Current bitcoin market cap | Source: Market Cap BTC from TradingView.com
What Is The Next Step For Ramp?
The startup plans to use the money raised in this seed round to triple its team by the end of 2021. They also plan to set up headquarters in new regions and develop the platform further.
Szymon Sypniewicz and Przemek Kowalczyk founded Ramp in 2017. It is a full-stack payment solution for crypto assets. They enable customers who want to offer crypto-enabled apps as part of their business to do so securely. All of this is done through its SDK. Meaning customers do not have to worry about getting their own certifications and licenses. Ramp handles the transactions for its users.
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With partnerships with over 200 developers, the company will use the money from the seed round to expand operations. Developers who have partnered with the company include Opera Labs, Dapper Labs, and Mozilla. It also has partnerships with top crypto and DeFi apps like Have, Zerion, and Argent.
“We designed Ramp to unleash the power of crypto to revolutionize the way we think about money and digital services for everyone, not just a handful of crypto natives. We’re excited to see how crypto is revolutionizing the creative industry through NFTs, democratizing finance through DeFi, and helping rethink about payment methods.”
– Przemek Kowalczyk, Co-Founder and CTO, Ramp.
Featured picture from UK Tech News, chart from TradingView.com
