Web3 User-Onboarding Solutions Provider Ramper Secures $3 Million in Pre-Seed Round Led by Hashed
Ramper, a platform working toward making web3 user-friendly to foster its adoption today announced it had raised $3 million in Pre-Seed round of funding from several reputed and influential investors in the industry.
Ramper Aims to Simplify Web3
Web3 has been all the rage this year with investments worth billions of dollars being poured into the infant industry. While the potential of web3 looks promising, several issues exist regarding its user experience which makes the onboarding of new users a difficult task.
Ramper wants to fix this.
Essentially, Ramper is an SDK/API provider for building frictionless user-onboarding solutions on web3 to propel its adoption. Today, the platform announced a successful raise of $3 million in Pre-Seed round of funding.
Notably, the funding round was led by Hashed, a global, multi-billion venture fund.
The funding round also witnessed participation from Terra, Polygon, Goodwater Capital, Samsung NEXT, Golden Ventures, R7 Partners, 500 Global, Maple VC, and other angels.
The primary goal of Ramper is to eliminate the hurdles prohibiting new users from entering the web3 space.
Sisun Lee, co-founder of Ramper, said:
“If the first step of onboarding is to connect-a-wallet, we’ve already lost all users. This is the state of web3 today. It’s a jarring experience for people that have never interacted with decentralized applications. At Ramper, we are building solutions to make web3 intuitive & user-friendly, removing friction that gets in people’s way.”
The spectacular rise of decentralized applications such as DeFi, P2E games such as Axie Infinity, NFTs, and DAOs has made the need for a solution that ensures the seamless transition of mainstream users to web3 more urgent than ever.
At present, users who are new to the crypto industry find it challenging to use the innovative products the industry has to offer due to several technical complications, such as downloading the correct wallet client, installing its supporting browser extension, securely storing the private key, transferring the digital assets into own wallet via exchanges, and others.
Ramper aims to simplify access to web3 for all users.
How Does Ramper Ease User-Onboarding?
Ramper is building a suite of SDK/API for developers that will help them, onboard new users, quickly. Put simply, Ramper addresses key challenges facing the web3 space today.
First, Ramper lets users log in via email or other traditional login methods without requiring the user to download wallets, install browser extensions, or store private keys.
Second, Ramper lets users convert local fiat currency into cryptocurrency directly in-app with no compulsion for the user to create an account on a third-party exchange.
Currently, Ramper is only available on Terra. However, the project has plans to support multiple chains in the near future, starting with Polygon and other EVM-compatible blockchains.
It’s worthy of note that Ramper is currently offering a beta partner program for developers that allows them to use its product for no cost in exchange for product feedback.
Today, there’s a significant gap between web3 adoption and the broader internet adoption. To put things into perspective, of the 5 billion internet users today, only about 20 million are using Metamask, the world’s premier non-custodial wallet. Similarly, one of the largest centralized exchanges in the world Coinbase only has about 8 million MAUs.
Lee adds:
“We imagine a world in which web3 is just like any other web applications — you just go and start using it seamlessly. To get there, we need solutions to make web3 user-friendly & accessible to all — enabling experiences that make digital ownership and identity truly human-centric.”
Baek Kim, General Partner of Hashed, said:
“Ramper is here to support everything that is required to accelerate mass adoption of Web3. The access to opportunities in crypto is still limited to very few. It is not enough for the crypto industry to just have ‘bank the unbanked’ or ‘emerging markets adoption’ thesis. Ramper will do much-needed heavy lifting in removing friction points in Web3 adoption, one by one.”
Similar sentiments were echoed by Natalie Luu, Head of Ecosystem Development at Terra.
She said:
“For the next generation of Web3 products to be successful, a seamless user experience starting with sign-on is essential. Delightful products that give the next billion users access to what the Terra blockchain can offer – from decentralized finance to the metaverse – need plug-and-play auth interfaces that work. We are excited to support infrastructure providers like Ramper that accelerate user adoption of applications built on Terra.”
