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Fiat-To-Crypto Company Ramp Raises $70 Million To Solve The Crypto Onboarding Problem

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Fiat-To-Crypto Company Ramp Raises $70 Million To Solve The Crypto Onboarding Problem

Ramp, a fiat-to-crypto company, has announced it has raised $70 million as part of its Series B funding round. The round was co-led by Mubadala Capital and Korelya Capital, with Balderton Capital and Cogito Capital participation. The company explained that these funds would allow it to improve its app further and keep hiring talent.

Ramp Raises $70 Million in Series B Funding Round

Ramp, a company that specializes in providing fiat to crypto and crypto to fiat flows for different Web3 applications, announced it had raised $70 million in its latest funding round on Nov. 9. The funding round, which was co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and Cogito Capital, will allow the company to keep growing even with the current conditions of the market.

According to a press release, these funds will facilitate the operation of the company in the future, giving it the possibility to “invest further into our product line, add local fiat currencies and payment methods, expand into new territories, and continue to hire the best talent in the market.” This round takes the number of funds raised by the company in the last 12 months to more than $120 million.

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With this capital injection, two new executives will also join the company’s board: Mubadala Capital’s Frederic Lardieg is now a director, and Paul Degueuse, partner at Korelya Capital, as an observer.

Accelerated Growth

While other companies in the crypto market have faced significant difficulties during the crypto winter, Ramp says it has managed to thrive even during these adverse conditions. This is related to the nature of its business model, which aims to facilitate users on and off-ramping from wallet apps and Web3 applications, letting users purchase crypto in an easy way using, for example, bank account deposits. The company also allows for Google Pay, Apple Pay, Visa, and Mastercard integrations, depending on the country.

In fact, the number of employees in the company has grown sevenfold this year, and the transaction volumes have also grown 240% when compared to the same period in 2021. In the same way, the total unique number of users coming from customers that implement Ramp’s services as part of their apps also increased by 600%.

On the future of the company and its objectives, Szymon Sypniewicz, co-founder and CEO at Ramp, stated:

Our goal is to keep building infrastructure to make Web3 easy and accessible. Despite current market conditions, we see a growing trend of web2 companies looking to move into Web3, and we’re uniquely positioned to help them through this transformation. That’s why we’re doubling down on growth.

Sypniewicz also stated that a bear market was suitable for building and that Ramp was fully committed to its vision in the future.

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Apple Pay, crypto to fiat, Fiat to crypto, Frederic Lardieg, google pay, Korelya Capital, MasterCard, Mubadala Capital, Paul Degueuse, RAMP, Series B, Szymon Sypniewicz, VISA, Web3

What do you think about Ramp’s $70 million Series B funding round? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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NFT Marketplace Opensea To Add Credit Card, Apple Pay Support Via Moonpay

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NFT Marketplace Opensea To Add Credit Card, Apple Pay Support Via Moonpay

According to the firm Moonpay, the non-fungible token (NFT) marketplace Opensea plans to accept credit card payments using the company’s payment infrastructure. The move follows Opensea gathering $23.5 billion in all-time sales volume, and the company’s recent Solana support announcement.

Moonpay Reveals Opensea Users Will Soon be Able to Pay for NFTs With a Credit Card

Opensea visitors can soon pay with credit cards if they don’t own any crypto assets, according to a tweet from the company Moonpay. “Sail the Opensea with your card,” Moonpay detailed on Friday. “Soon, you will be able to buy NFTs with Visa, Mastercard, Apple Pay, Google Pay, and more,” the firm added.

Currently, Opensea users are required to leverage crypto assets like ethereum (ETH) to purchase NFTs on the marketplace platform. The Moonpay integration will change that going forward, and Opensea visitors will have the ability to choose from an assortment of payment options.

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In recent times, Moonpay has been helping celebrities buy expensive NFT assets like Bored Ape Yacht Club collectibles. The company helped the American rapper Wiz Khalifa acquire Bored Ape #1506 and the firm helped the ‘Queen of Pop’ Madonna purchase Bored Ape #4988 for $564K in ether.

At the end of November, Moonpay raised $555 million during the firm’s first finance round led by Tiger Global and Coatue. After the capital injection from investors, Moonpay’s overall valuation hit $3.4 billion. The company said at the time that the capital would be leveraged for expansion endeavors.

Just recently, the leading NFT marketplace Opensea announced that it would be supporting the blockchain network Solana (SOL). The news follows a myriad of rumors, speculation, and leaked images that had shown Opensea would soon add SOL and Phantom wallet support.

Opensea is the top NFT project and marketplace in terms of all-time sales accruing $23.5 billion in volume since the market’s inception. Opensea’s sales volume is followed by the NFT marketplace Lookrare ($18.16 billion), but Looksrare’s recorded sales volume has been contested for alleged wash trading. NFT wash trading has been an issue according to a recent research report published by Chainalysis.

Opensea has seen 1,417,562 traders since the market’s inception, and the platform supports three blockchain networks which include Polygon, Klaytn, and Ethereum. The recently announced SOL addition will be Opensea’s fourth blockchain in terms of blockchain protocol support.

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On Friday, Moonpay did not disclose when the credit card support would be added. Moonpay’s announcement follows the partnership between Coinbase and Mastercard as the two companies want to make NFTs accessible to everyone. According to the announcement, shoppers leveraging the upcoming Coinbase NFT Marketplace will be able to use Mastercard-supporting credit and debit cards.

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Apple Pay, coinbase nft marketplace, credit cards, credit cards Opensea, Ethereum, google pay, klaytn, MasterCard, Moonpay, Moonpay infrastructure, Moonpay system, nft, NFT marketplace, NFTs, Non-fungible Token, Opensea, Opensea credit cards, Opensea NFTs, Polygon, Solana

What do you think about Opensea accepting credit cards, Apple Pay, and Google Pay via Moonpay’s payment infrastructure? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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