Ramp Gets Approval From FCA For Its ‘Off-Ramp’ Crypto Product

After getting regulatory approval, crypto infrastructure startup Ramp has launched its platform for converting digital assets back into fiat currency.

In 2021, Ramp got approval from the UK’s Financial Conduct Authority (FCA) and the US’s Financial Crimes Enforcement Network (FinCEN) for “on-ramp,” a product that lets users buy cryptocurrencies with traditional currencies.

Now, the FCA has given it the go-ahead for “off-ramp,” a feature that lets users convert their digital assets back into fiat currency.

With the approval, customers in more than 130 countries can trade any of 38 cryptocurrencies for US Dollars, Euros, and British Pounds.

Several top Web3 companies, such as Brave, Ledger, and Trust Wallet, have already promised to add 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 not long after Ramp raised $70 million in a Series B funding round.