U.K. crypto payments infrastructure startup Ramp has become the eighth crypto firm to secure registration with the country's financial-services watchdog, the Financial Conduct Authority (FCA).

  • Ramp is the first on-ramp service to be certified, the company said Thursday.
  • Branding itself the "PayPal for crypto," Ramp offers a software development kit to companies wishing to offer crypto-enabled services, removing the need to integrate with third-party exchanges.
  • Ramp recently became the exclusive on-ramping partner of blockchain-based fantasy soccer platform Sorare and the non-fungible token (NFT) marketplace-focused blockchain Flow.
  • The firm raised $10 million in June in a seed funding round led by NFX and Galaxy Digital.
  • The FCA became the U.K.'s anti-money laundering and counter-terrorist financing supervisor of crypto asset firms in January. Businesses under its supervision need to demonstrate they comply with those regulations to be allowed operate.
  • It was reported in June that 64 crypto firms had abandoned their plans for FCA registration amid mounting regulatory scrutiny. The deadline for registration is March 31 of next year.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.