Crypto startup Ramp Network has announced the launch of its Brazilian unit, marking the company’s first step in expanding into the Latin American market. As part of its expansion strategy, Ramp Network will offer its software development kit (SDK) to clients in Brazil, including Web2 enterprises, crypto wallets, and Web3 games. This SDK will enable users to easily purchase cryptocurrency through a non-custodial on-ramp, as well as offering a crypto-fiat off-ramp.
The decision to establish a presence in Brazil stems from the country’s growing interest in cryptocurrencies. According to a survey by blockchain data analytics platform Chainalysis, Brazil ranks seventh in terms of crypto adoption globally. Additionally, Latin America as a whole accounted for 9.1% of all crypto value received worldwide last year. The regulatory clarity surrounding cryptocurrencies in Brazil, including the introduction of a “virtual service provider” license, further influenced Ramp Network’s decision to expand into the country.
Ramp Network will also leverage existing local payment networks in Brazil, such as the widely used Pix, to facilitate seamless transactions for users. The integration of the Brazilian government’s payment system Pix by giant crypto exchange Coinbase earlier this year demonstrates the increasing interest in the Brazilian market among crypto companies.
The company’s foray into the Latin American market aligns with its goal of establishing a strong presence in the region. With the addition of the Brazilian real and other Latin American currencies to its portfolio, Ramp Network aims to cater to the growing demand for cryptocurrencies in the region. Users in Brazil will now have the option to purchase crypto through card payments, further enhancing accessibility.
In November 2022, Ramp Network successfully raised $70 million in a Series B funding round, co-led by Mubadala Capital and Korelya Capital. This funding has allowed the company to expand its operations and offer seamless cryptocurrency transactions to a wider user base. Notable clients of Ramp Network include Argent, Trust Wallet, Axie, Brave, and Opera.
With its Brazilian unit serving as a hub for Latin America, Ramp Network plans to continue its growth trajectory in the region. By bridging traditional finance with the world of cryptocurrencies, Ramp Network hopes to empower individuals and businesses to navigate the digital asset landscape effortlessly. The expansion into Latin America signifies the company’s commitment to providing innovative solutions and capitalizing on the region’s burgeoning crypto market.