Ramp, a leading crypto payments firm, is unveiling a new initiative aimed at simplifying the process for individuals to engage in buying and selling digital assets. The company's latest evolution in it know-your-customer (KYC) policy, initially launched in Brazil, seeks to enhance accessibility for users across various platforms integrated with Ramp, including MetaMask, TrustWallet, BitPay, and Sorare, among others.
In a bid to streamline the onboarding experience and facilitate crypto trading for a broader audience, Ramp is introducing a program that requires prospective customers to provide only a tax identification number and a selfie. By eliminating the need for users to submit a quality photo of their government ID, Ramp anticipates a higher rate of sign-ups. The initiative is initially being rolled out in Brazil, the largest economy in South America.
Jose Jimenez-Mancha, Chief Commercial Officer at Ramp, emphasized the significance of reducing barriers to entry, stating, "By reducing barriers to entry, document free KYC can play a pivotal role in driving the mass adoption of digital currencies." He further revealed that the document-free KYC process will be gradually extended to other territories throughout 2024.
This update to Ramp's KYC policy follows its integration with Brazil's national digital payment platform, Pix, announced last September. Pix, launched by the Brazilian government in 2021, enables users to make purchases and transfer funds using a smartphone app, catering to the majority of Brazilians. By leveraging Pix's infrastructure, Ramp aims to streamline customer onboarding in a country with a population exceeding 200 million.
Despite the elimination of the requirement for a government ID photo, Ramp remains committed to upholding robust KYC protocols to ensure regulatory compliance and verify the identities of its users. The company collaborates with third-party entities capable of conducting the necessary due diligence checks, rather than directly engaging with the Brazilian government.
Ramp's latest initiative is poised to benefit users seeking to register with platforms integrated with the company, including MetaMask, TrustWallet, BitPay, and Sorare, among others. With its ongoing efforts to enhance accessibility and user experience, Ramp continues to solidify its position as a key player in the crypto payments sector.
Having raised $70 million in Series B funding in 2022, Ramp is well-positioned to drive innovation and expand its market presence, with a valuation exceeding $450 million at the time of the funding round.