Crypto Startup Ramp Secures FCA Registration

The "PayPal for crypto" service Ramp has become the eighth firm to win registration with the U.K financial watchdog.

Aug 6, 2021 at 10:07 a.m. UTC
Updated Sep 14, 2021 at 1:36 p.m. UTC

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.

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