Crypto

Ramp Raises $53 Million to Increase Adoption of dApps

Ramp Raises $53 Million to Increase Adoption of dApps

Ramp, a crypto payments solutions company, has raised $53 million to assist dApps get more traction.

“Beyond today’s narrow and restrictive use cases, there is so much potential in unleashing cryptocurrencies and digital assets,” said Szymon Sypniewicz, Ramp co-founder and CEO.

Ramp, a crypto-to-fiat payment gateway, reported today, Wednesday that it has secured $52.7 million in a Series A round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors. Ramp claims that developers can integrate their decentralized applications, or dApps, with its platform in just hours, allowing its partner businesses to offer crypto-enabled services. Axie Infinity, Mozilla, Opera Browser, Dapper Labs, Aave, Argent, Trust Wallet, and Zerion are among the more than 400 partners. The company has received regulatory approval in the United States, the United Kingdom, and Poland.

Ramp’s current applications include buying and selling in-game content in the fantasy football non-fungible tokens (NFTs) game Sorare, and onboarding new players in the monster fight NFTs game Axie Infinity. Ramp’s developers hope to expand the software in the future to help financial institutions facilitate crypto transactions within their banking apps.

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Ramp’s co-founder and CEO, Szymon Sypniewicz, issued the following statement in response to the news:

“We’re on a mission to provide instant access to cryptocurrencies through a provider they can trust.”

General partner at NFX and Ramp Board member, Morgan Heller, added:

“When I look at web3 companies, I ask: ‘Will this product help onboard net new users to the space?’ And, of course, does this product have network effects? Ramp is the ultimate answer to both questions. It is unique in its ability to help take web3 to the next adoption level.”

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.