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HomeTechnologyRamp, Crypto-Focused Fintech Company, Has Raised $70 Million In Venture Capital

Ramp, Crypto-Focused Fintech Company, Has Raised $70 Million In Venture Capital

Ramp, a fintech firm focusing on cryptocurrency, has secured $70 million in venture capital, which will allow the company to increase its focus on creating a unified payment experience for digital assets.

According to information provided by Ramp on November 9th, the Series B investment round was co-led by venture companies Mubadala Capital and Korelya Capital. Ramp has completed its Series A financing round with a total investment of around $123 million in cash. The funding round took place in December 2021.

The management of Ramp has said that the newly raised capital would be used to grow into new regions, improve Ramp’s existing product line, and broaden the range of fiat currencies and payment methods that are available to customers.

Businesses and blockchain protocols are Ramp’s key clients since they are the ones most interested in providing consumers with a simpler and more streamlined experience when trading with cryptocurrency. Users will be able to purchase cryptocurrencies and other digital assets from inside decentralised apps and websites once Ramp’s full-stack, non-custodial payment infrastructure has been implemented. In the same way that businesses may use Ramp to provide customers with a “unified purchasing experience” across all of their e-commerce platforms, the firm compares its services to those of PayPal and Stripe.

Infrastructure for cryptographic payments is seen as being of critical importance for the development of “Web 3,” which is a generic umbrella term referring to a potential future iteration of the internet that acknowledges the significance of decentralization. There are a lot of people in the blockchain community who feel that in order to encourage widespread use of the underlying technology, it is essential to find a way to unleash the potential of crypto payments.

Continued support from venture finance is being provided to initiatives that are developing payment rails that integrate cryptocurrency with the larger financial system. Even though the bear market caused venture capital investments to drop in the second half of the year, 2022 has been the best year ever for funding agreements.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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