Ramp, a fintech company, announced its expansion into Brazil to accelerate crypto adoption across Latin America.
Ramp expands into Latin America
The company has established a local entity in the Latin American region to expand its presence and offer users a secure platform for trading cryptocurrencies with various payment methods.
This move, Ramp said, is an important step towards their larger mission of making the web3 space accessible to everyone globally while also providing a seamless onboarding experience.
Furthermore, their expansion into Latin America presents opportunities for local web3 projects and international businesses looking to enter and succeed in the Brazilian crypto market.
Ramp’s on-ramp and off-ramp products allow users to easily and quickly convert between digital currencies and fiat currencies. Developers can also integrate Ramp’s solutions into their applications and platforms, allowing users to buy and sell crypto assets directly on their interfaces.
Commenting on the development, Szymon Sypniewicz, the CEO of Ramp, said:
“From the onset, our focus has been on providing value to our users in Brazil and other significant Latin American countries through card payments. We strengthened this a little over a month ago by introducing transaction support for over 40 national currencies, including the Brazilian Real and other regional currencies.”
He went further to speak on the implication of the expansion, adding.
“As we enhance our services, we’re thrilled to offer our partners such as TrustWallet, Exodus, Sorare, BitPay, Argent, and Brave improved access to this dynamic market. We’re not just striving to be globally available but to resonate with the local needs, and this development underscores our commitment to be an integral part of the crypto adoption journey for our users across Latin America.”
Brazil ranks high for global crypto adoption
Five Latin American countries, including Brazil and Mexico, were ranked among the top global crypto adopters because of factors like storing value, remittances, and decentralized financial investments.
Latin America has emerged as a key target market, experiencing significant growth in crypto usage. According to Chainalysis’ Global Adoption Index, Latin America accounted for 9.1% of all crypto value received globally in 2022, amounting to $562 billion.
Having raised $70 million in funding last year, Ramp is well prepared to expand into Brazil, which has gained prominence as the seventh-ranked nation globally for crypto adoption, with over 16 million people currently using cryptocurrencies. These favorable conditions make Brazil an ideal base for Ramp’s Latin American operations.
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