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Ramp scores FCA approval for 'off-ramp' crypto product

Ramp scores FCA approval for 'off-ramp' crypto product

Crypto infrastructure startup Ramp has rolled out its platform for transferring digital assets back into fiat currency, after receiving regulatory approval.

In 2021, Ramp secured approval from the UK’s FCA and US's FinCEN for 'on-ramp', its product that allows users to buy cryptocurrencies from traditional currencies.

Now it has secured the green light from the FCA for 'off-ramp', which empowers users to transfer their digital assets back into fiat currency.

The approval means that customers in more than 130 countries can exchange from any of 38 cryptocurrencies into US Dollars, Euros, and British Pounds.

Several leading Web3 companies, including Brave, Ledger, and Trust Wallet, have already committed to integrating off-ramp.

"To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for,” says Paulina Jóśków, head of commercial, Ramp.

The move comes shortly after Ramp secured $70 million in a Series B funding round.

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