With the use of cards and local currencies, particularly the Brazilian Real, currently accessible on its platform, the company’s entry into the biggest financial system in Latin America underlines its intention to establish a major footprint in the region. Ramp is a firm that develops financial technology products that link the global financial infrastructure of today with the digital currency economy. Ramp offers both individuals and companies in more than 150 countries a simplified and easy process when exchanging between cryptocurrencies or fiat currencies through its basic on- and off-ramp products.
The majority of the world’s payment options, such as bank wire transfers, debit and credit cards, PayPal, Google Pay, Apple Pay, and several others, are completely integrated with Ramp. In order to give consumers in Latin America a quick, secure, and practical way to buy and trade cryptocurrencies, Ramp, a financial infrastructure firm that develops payment rails linking cryptocurrencies to the international financial system, has announced the establishment of a local business there.
The expansion of Ramp in Brazil
In order to realize its goal of providing Web3 accessibility to everyone, everywhere, using a fully automated and frictionless enrollment process, Ramp’s entrance into Brazil is a crucial step. The company’s move also creates new possibilities for regional web3 initiatives and international companies seeking to enter the Brazilian market. Users may securely and swiftly buy and trade cryptocurrencies using conventional country-specific currencies with Ramp’s on-ramp and off-ramp offerings. Users will be able to buy and sell digital currencies natively within the applications that developers build using Ramp’s technologies.
Latin America is now recognised as a crucial target market as well as one of the globe’s fastest-growing countries in terms of crypto acceptance. Ramp, which raised $70 million in investment this past year, is concerned about global adoption of digital currencies. Latin America contributed for 9.1% of all cryptocurrency value generated globally in 2022, hitting $562 billion between July 2021 through June 2022 – a 40% gain over this time period, as reported by Chainalysis’ most recent Global Adoption Index.
Four Latin American countries, including Brazil, which came in seventh position, were listed among the top crypto adopters globally in the research, driven by reasons including wealth storage, payments, and investments through decentralized finance.With more than 16 million users, Brazil has risen to the seventh-ranked nation in the world in regards to crypto usage, according to the 2023 Blockchain as Report by the Sherlock Communications.
With legislation that aims to regulate the sector in 2023 and promote further use, innovation, and development, Brazil’s government has likewise embraced cryptocurrencies. Ramp’s expanding Latin American operations can best serve consumers in the region from its excellent base in Brazil, where crypto acceptance is at an all-time high.
Here, cryptocurrencies are used as a means of cross-border trade or as a hedge against the devaluation of local currencies in areas with high inflation.
Brazil’s president passed a law in December 2022 that established corporate restrictions and a permit for virtual asset service providers. Brazil now ranks seventh in the world for nations with the most cryptocurrency exchanges thanks to this, which has made the country welcoming to cryptocurrency enterprises.
As of June 20, the autonomous central bank will have the power to oversee cryptocurrency services under the leadership of President – Luiz Inacio Lula da Silva.
Brazilian cryptocurrency users and holders approximately doubled during the end of the year of 2022 as well as the beginning of 2021.
The National Monetary Council oversees and regulates the financial and capital markets in Brazil.
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