In an advanced report, the fast-growing fintech company in Poland, Ramp Network, opened shop in Brazil to meet the ever-changing needs of Latin America. The announcement revealed that the fintech company would introduce its revolutionary technologies, such as a software development kit (SDK), to the Brazilian market.
Ramp Network Expand to Latin America
Also, Ramp plans to launch Web2 enterprise, Web3 games, and a crypto wallet in the South American country. According to Ramp, the expansion plans align with the company’s core mission of “bringing Web3 to the mainstream.”
The fintech company plans to allow Brazilians to purchase crypto assets through their wallets. Additionally, Ramp will offer holistic end-to-end, noncustodial on-ramp and off-ramping services.
In an interview, the chief technology officer at Ramp Network, Łukasz Anwajler, confessed that the fintech company plan to widen its market presence to Latin America due to the suitability of the market. The executive referred to recent research conducted by Chainalysis, a famous blockchain analytic firm, to examine crypto adoption in Brazil.
In their findings, the Chainalysis team observed that Brazil ranks seventh with the highest number of crypto adoption in Latin America. The report demonstrated that in 2022 crypto assets constituted 9.1% of the revenue generated in Latin America.
Besides the suitability of the Brazilian crypto market, the executive stated that the region has clear regulations on digital assets, unlike in the US.
Suitability of the Brazilian Market
A few months ago, Brazilian President Jair Bolsonaro enforced new regulations on crypto assets. Under the new legislation, digital asset companies and exchanges must seek a virtual asset provider license to operate in Brazil.
The new rules outline the penalties and court fines that noncompliant firms face. Also, the new regulation considers crypto assets as securities supervised by the Securities and Exchange Commission (CVM).
Remarkably the efforts made by the Brazilian government to create a welcoming crypto environment have inspired firms to expand to the region. In January, the second largest crypto exchange by daily volume, Coinbase, integrated Pix, a Brazilian payment platform, to allow users to trade using the local currency.
Soon after entering the vibrant Brazilian market, the Ramp team will seek to partner with local payment platforms. The executive mentioned that Ramp plans to collaborate with government-sponsored payment company Pix. Anwajler announced that Ramp will recruit new talents from Brazil to promote business growth.
Ramp Network Reveal Expansion Plans to Latin America
Ramp integrated additional currencies, including the Brazilian real, in June on its payment platform. The integration aimed to support Ramp to easily expand to South America by allowing Brazilians to buy and sell crypto using their payment cards.
In 2022 Ramp generated $70 million in a series B funding round led by Mubadala Capital and Korelya Capital. The payment company affirmed that the investment will support the firm in adding additional currencies to its portfolios. Also, the payment company will use the $70 million generated from the funding round for global expansion.
Over the past, Ramp Network has supported companies to trade cryptocurrencies. The fintech company has enabled companies to integrate currencies on their websites.
Ramp has worked with the best-performing payment companies, including Axie, Opera, Trust Wallet, and Brave. The company continues to support companies to buy crypto using Apple Pay, bank transfer, debit, and credit cards.
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