Crypto-focused fintech company Ramp has raised $70M in funding in a Series B investment round it launched to help its efforts to provide a unified pay method for digital assets.
About Investment
Venture capital firms Mubadala Capital and Corelya Capital jointly led the investment round, which was completed on November 9th. The company, which raised $ 53M in the Series A investment round completed in December 2021, increased the total investment it received to $123M.
Ramp management said the new funds raised will be used to develop the product line, expand to new locations and increase the number of fiat currencies and payment methods offered.
Ramp’s client portfolio consists of businesses and blockchain protocols that want to provide users with a more streamlined experience when transacting with cryptocurrencies. Ramp, when acquired, provides a custody-free, full-stack pay infrastructure that allows users to purchase crypto assets within decentralized applications and websites. The company likens its services to PayPal and Stripe, which they provide to offer their users a “unified purchasing experience” on their e-commerce platforms.
The crypto pay infrastructure is considered the number one system supporting the Web3 environment, the most important representative of decentralization. Many people inside the blockchain ecosystem believe that the power of ‘crypto payouts’ needs to be unlocked for the technology to be fully adopted.
Venture Capitals continue to support projects that create pay paths that connect crypto to broader financial systems. Although venture funding dwindled in the second half of the year due to a bear market, 2022 was a record year for funding deals.
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