​Cryptocurrency startup Ramp raises $ 52.7 million In October | Cryptocurrency Bitcoin NEWS

​Cryptocurrency startup Ramp raises $ 52.7 million

In October, The Block reported that the Warsaw and London-based company was expected to raise $ 30 million in a $ 300 million valuation by Balderton, citing people familiar with the matter. But a Ramp spokesman said yesterday that a larger amount was required in the early stages of negotiations. The company did not disclose the pricing in its announcement.

It also brought together existing sponsors NFX, Galaxy Digital, Seedcamp, Firstminute Capital and business angels such as Wise co-founder Taavet Hinricus and Francesco Simoneschi TrueLayer. Balderton's general partner, Rana Yared, joins the Ramp board of directors.

Founded in 2017, Ramp offers a non-custodial payment infrastructure that helps exchanges, marketplaces and wallets offer smoother ways to buy cryptocurrency and other digital assets such as non-fungible tokens (NFTs). It markets itself as "PayPal for Cryptocurrency."

In a statement, Yared said the Ramp team is "providing a solid outlet for a new audience by making buying digital assets as easy as buying US dollars while making a purchase from your favorite American brand in euros."

The Serie A completion comes just six months after Ramp raised $ 9 million in seed in June. The company said that over the past 12 months, monthly transaction volumes have grown 30 times and its team size has tripled.

The latest cash flow will be used to continue hiring and enter into new partnerships.

Shimon Sipnevich, co-founder and CEO of Ramp, said the company is targeting partnerships in three key areas: consumer technology mass market companies such as Mozilla and Opera; NFT and gaming platforms such as Sorare and Axie Infinity; and crypto platforms.

“More broadly, market opportunities are really opening up for us with the advent of web3 and we are looking for partnerships, products and collaborations that will play a role in the massive adoption of decentralized applications,” he added.

The company already has partnerships with over 400 developers, including big names such as Mozilla, Dapper Labs, Aave and Sorare. It was added to the FDA's registry in July and recently received approval from the Financial Crime Network to offer services in the United States.