Ramp Network And LatAm Expansion Takes Off: Brazilian Unit Launched to Tap into the Region’s Crypto Market

Ramp Network, a startup that provides payment infrastructure connecting crypto and traditional finance, has extended its operations to Brazil, aiming to expand further into the Latin American market.

Ramp Network And LatAm Expansion Takes Off: Brazilian Unit Launched to Tap into the Region’s Crypto Market

The company will offer its software development kit (SDK) to clients in Brazil, including Web2 enterprises, crypto wallets, and Web3 games. This SDK will enable their users to buy cryptocurrencies through a secure, non-custodial on-ramp process and also facilitate the conversion of cryptocurrencies to fiat currencies through an off-ramp.

The decision to establish a local entity in Brazil was influenced by the country’s growing interest in cryptocurrencies, as it ranked seventh in terms of crypto adoption globally. Moreover, Latin America accounted for 9.1% of the total crypto value received worldwide last year, according to data from Chainalysis.

Brazil’s recent regulatory clarity in the crypto space, particularly the introduction of a “virtual service provider” license for digital asset companies, including exchanges and trading intermediaries, further motivated Ramp’s expansion into the country.

This year, we are fully dedicated to establishing a strong presence in Latin America, and the reason for that is that this is a very interesting market for us.

Łukasz Anwajler

Several other companies have also been entering the Latin American market, with Coinbase integrating Brazil’s government payment system, Pix, and enabling crypto purchases with the Brazilian real.

As part of its expansion strategy, Ramp intends to collaborate with local payment networks in Brazil, such as the widely used Pix. The company views Brazil as its hub for Latin America and plans to continue growing its presence in the region.

In November 2022, Ramp successfully raised $70 million in a Series B funding round, which was co-led by Mubadala Capital, an arm of one of the sovereign wealth funds in the United Arab Emirates, and Korelya Capital. Recently, the company expanded its portfolio to include the Brazilian real and other Latin American currencies, and it also introduced the option for users in Brazil to purchase cryptocurrencies using card payments.