Crypto Startup Ramp Secures FCA Registration
1 d ago•1 min read•Regulation
U.K. crypto payments infrastructure startup Ramp has become the eighth crypto firm to secure registration with the country’s financial-services watchdog, the Financial Conduct Authority (FCA).
Ramp is the first on-ramp service to be certified, the company said Thursday. Branding itself the "PayPal for crypto," Ramp offers a software development kit to companies wishing to offer crypto-enabled services, removing the need to integrate with third-party exchanges. Ramp recently became the exclusive on-ramping partner of blockchain-based fantasy soccer platform Sorare and the NFT marketplace-focused blockchain Flow. The firm raised $10 million in June in a seed funding round led by NFX and Galaxy Digital. The FCA became the U.K.'s anti-money laundering and counter-terrorist financing supervisor of crypto asset firms in January. Businesses under its supervision need to demonstrate they comply with those regulations to be allowed operate. It was reported in June that 64 crypto firms had abandoned their plans for FCA registration amid mounting regulatory scrutiny. The deadline for registration is March 31 next year.