Coinweb expands its digital asset coverage in Canada through the acquisition of OnRamp Technologies Limited
Coinweb, a layer-2 cross-computation platform, announced that it has acquired FINTRAC-registered OnRamp Technologies Limited, a payment company with Money Services Business consents (MSB) providing users the access to fiat rails for projects being built on top of the Coinweb platform within the regulated Canadian crypto landscape. This allows Coinweb to provide its services to customers in Canada for the first time, enabling the platform’s launch into North America shortly following its granting of a European digital asset license.
“The requirements to obtain digital assets licenses are subject to constant reviews and tightening of regulations across most jurisdictions”
Canada’s Money Service Business permissions enable Coinweb to offer virtual currency exchange and virtual currency transfer services, paving the way for a full fiat rails-integrated wallet with cross-chain tokenization functionality.
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“The requirements to obtain digital assets licenses are subject to constant reviews and tightening of regulations across most jurisdictions,” said Coinweb CEO Toby Gilbert. “The race for delivering regulatory framework is on with many countries looking to position themselves as being ‘crypto friendly,’ and Coinweb’s stance is to pursue the second bounce of the ball and stay ahead of the curve. Acquiring Canada’s MSB marks the beginning of our entry into North America to better service our partners and customer base.”
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Coinweb continues to work towards the acquisition of licenses around the world, and has built an experienced in-house compliance team to future-proof the business within the digital landscape as new regulatory frameworks begin to be implemented. As Coinweb’s capabilities expand, these licenses will help to provide liquidity and enable the smooth on- and off-ramping of fiat with crypto assets.
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