Ramp, a financial technology company that builds payment rails connecting crypto to the global financial system, has announced the global availability of off-ramp, a software product enabling businesses to offer their customers a fast, secure and convenient way to sell cryptocurrencies.
While Ramp’s on-ramp product – registered with the UK’s Financial Conduct Authority (FCA) and US Financial Crimes Enforcement Network (FinCEN) in 2021 – allows users to buy cryptocurrencies from traditional currencies, its new off-ramp product empowers users to transfer their digital assets back into fiat currency.
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Thanks to off-ramp being approved by one of the world’s leading financial regulators, the FCA, customers in more than 130 countries can exchange from any of 38 cryptocurrencies into US Dollars, Euros, and British Pounds. Companies who integrate Ramp can now enable their end users the option to sell coins natively, within their application.
“We’re incredibly proud not just to have delivered a game-changing product that is user-friendly, fast, and accessible for everyone in the world, but also to be granted FCA approval. To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for,” said Paulina Jóśków, head of commercial at Ramp.
In the US, consumers can process their transactions through automated clearing house (ACH) transfers, a common method used for direct deposits of paychecks, debts for regular payments, and money transfers. Users whose banks support Real-Time Payments (RTPs) will benefit from near-instant payouts, which will see dollars deposited into their accounts typically within seconds.
Ramp is offering an unmatched array of options for payouts to ensure users from all over the globe are catered to. In regions supported by Ramp outside the US, including the UK and EEA, off-ramp payment to cards is supported by major global credit and debit card providers. Moreover, holders of Fast Funds scheme-enabled cards can receive their funds in minutes.
Without a resilient off-ramp, Web3 projects would have to direct users to go to exchanges to sell their cryptocurrencies, which means higher friction and lower trust. Ramp enables its partners to allow their users to sell digital assets directly within their application.
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