Ramp Rolls Out Industry-First, Document-Free Verification For Crypto Purchases Starting In Brazil
London, England, February 8th, 2024, Chainwire
Ramp Network, the financial technology company building payment rails connecting crypto to the global financial system, is proud to announce the availability of the first-of-its-kind, document-free verification system. This functionality is now accessible to users seeking to buy crypto in Brazil and is set for wider expansion in the near future.
With its new, document-free verification capability, Ramp enables eligible users who want to buy crypto to prove their identities in seconds rather than minutes, simply by providing their verified national tax or ID number, ensuring near-instant onboarding and a smooth transaction experience.
Most providers ask users to submit copies of their identity documents when they want to buy crypto. This process can be cumbersome, with antiquated identification verification tools slowing down the transaction speed and affecting the overall user experience. That’s why Ramp introduced a groundbreaking feature that enables Ramp users to buy crypto up to four times faster whilst ensuring the utmost security and compliance with regulations.
In Brazil, the pioneering country for this functionality, eligible citizens can simply input their CPF (taxpayer registry) number and upload a selfie to initiate the verification. The system then swiftly verifies users by cross-referencing their information with the government’s database, ensuring a secure and compliant process that takes only a matter of seconds.
This update is in line with Ramp’s mission to help onboard millions of new users into Web3 with its easy-to-use on- and off-ramps. As one of the leading providers of fintech infrastructure in the crypto industry, Ramp enables users to seamlessly purchase digital assets using fiat, and supports dozens of local currencies worldwide. Available as a standalone app, Ramp can also integrate with any third-party application via a simple API, so their customers have an easy way to buy the crypto they need to get started using those apps.
“At Ramp, we want Web3 onboarding to be not only secure but also smooth and rapid. That’s why we’ve implemented this innovative feature, reducing the verification process from minutes to seconds, and eliminating the need for cumbersome physical documents for such transactions.” stated Szymon Sypniewicz, CEO and co-founder of Ramp. “This move further reinforces our commitment to making crypto effortless.”
Ramp is planning to expand document-free verification to more markets in the future, and the initial launch in Brazil aligns seamlessly with Ramp’s support for Pix, the country’s number one payments gateway, popular cards, and the Brazilian real (BRL). Identifying Brazil as a key growth market, Ramp also established a local entity last year. Brazil is the logical starting point for Ramp before expanding the unprecedented convenience of document-free functionality to other countries.
About Ramp
Ramp Network is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience when converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
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