On Wednesday, crypto-fiat gateway payments provider Ramp announced it had raised a $52.7 million Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors. Ramp allows its partner brands to offer crypto-enabled services, claiming that it takes mere hours for developers to integrate their decentralized applications, or dApps, with its software. It has over 400 partners, including Axie Infinity, Mozilla, Opera Browser, Dapper Labs, Aave, Argent, Trust Wallet, and Zerion. The firm has regulatory approval in the U.S., U.K., and Poland.
Current uses of Ramp include purchasing cryptocurrencies for storage in wallets directly in the Opera internet browser, buying and selling in-game content within fantasy football nonfunguible tokens, or NFTs, game Sorare, and onboarding new players in monster battle NFTs game Axie Infinity. In the future, Ramp developers plan to expand the software to help facilitate crypto transactions for financial institutions within their banking apps.
Szymon Sypniewicz, co-founder and CEO of Ramp, issued the following statement regarding the development:
“We’re on a mission to provide instant access to cryptocurrencies through a provider they can trust.”
Morgan Beller, general partner at NFX and Ramp board member, added:
“When I look at web3 companies, I ask: ‘Will this product help onboard net new users to the space?’ And, of course, does this product have network effects? Ramp is the ultimate answer to both questions. It is unique in its ability to help take web3 to the next adoption level.”