Product Updates | January 2024

Highlights of this month:

• EUR payment support in the UK and USD in Poland
• Increasing maximum transaction limits for on-ramp
• Seamless on-ramp for TLOS
• Introduction of UK FinProm controls 

Dive in to learn more!

Enhancing user flexibility with new fiat options

Continuing our commitment to meet the diverse financial needs of users globally, we're excited to announce the latest expansion in our fiat currency offerings. Following the successful introduction of USD options in the UK and Germany, we're now broadening currency choices in the United Kingdom and Poland.

For our users in the UK, we've introduced the option to use EUR, adding to the existing choices of GBP and USD. Similarly, in Poland, users now have the flexibility to transact in USD, complementing the already available PLN and EUR options. This update allows users in these countries to seamlessly purchase crypto using their preferred currency from the expanded list.

These enhancements cater to the varied requirements of our users, including travelers, expats, or those involved in international transactions, offering them the freedom to choose the most convenient currency for their crypto purchases. It's a significant step in our ongoing efforts to extend and adapt our fiat options, ensuring a more inclusive and tailored experience for people across different regions.

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Empowering bigger crypto purchases

At Ramp Network, we understand that flexibility is key when it comes to purchasing crypto. That's why we're thrilled to announce that we've increased the maximum amount allowed for a single crypto purchase from €20,000 to €35,000.

Designed to cater to the diverse needs of our users, whether they're looking to make small investments starting as low as €10 (specific amount depends on the cryptoasset) or aiming for higher stakes up to €35k, we've got them covered. 

By raising the bar on purchase limits, we're opening doors to new possibilities for both casual buyers and serious investors, ensuring that Ramp Network remains a go-to platform for all users’ crypto transactions.

Ramp Network + Telos: seamless on-ramp for TLOS

We proudly announce the launch of the global on-ramp for $TLOS, the native token of the Telos blockchain. Now accessible in over 150 countries and 37 US states, users can easily acquire $TLOS using popular payment methods such as credit/debit cards, bank transfers, Apple Pay, Google Pay, and PIX via the Ramp Network widget and our partners’ applications. 

Telos blockchain is known for its exceptional speed and low transaction costs. Telos offers over 15,200 transactions per second with an average gas cost below $0.001, making it an ideal platform for various decentralized applications.

By becoming one of the first major crypto on-ramps to support $TLOS purchases, we significantly boost accessibility to the Telos blockchain and demonstrate our commitment to supporting the rapidly growing Web3 gaming ecosystem in particular. 

FinProm Controls: ensuring continuous service for UK users

As an FCA-registered cryptoasset business servicing UK-based customers, Ramp Network has rolled out all of the additional front and backend controls to comply with the Financial Promotion (FinProm) regulations set by the UK’s Financial Conduct Authority (FCA). This move solidifies our dedication to maintaining business continuity in the UK while protecting our customers.

Here's what UK-based users can now expect:

• Clear communication: we're committed to using clear, fair, and non-misleading language in all our communications, focusing on factual information rather than speculation.
• Explicit risk warnings: every financial promotion now includes specific risk warnings, helping users understand the high-risk nature of crypto investments and guiding them to do their own research on these risks.
• Customer categorization and appropriateness assessment: UK-based customers now undergo a categorization process and complete an assessment to confirm their understanding of the risks involved in crypto transactions.
• Additional safeguards for new users: First-time UK users will receive personalized risk warnings and a 24-hour cooling-off period before their first purchase.

These measures, part of our comprehensive approach to user safety, aim to create a more structured and secure environment for purchasing crypto assets in the UK. Ramp is committed to working closely with regulators, ensuring the crypto industry grows responsibly, keeping users and their funds safe.

What’s next 

Ramp's upcoming focus includes streamlining new user verification, expanding into fresh geographies, and enriching our cryptoasset offering. Stay tuned for more user-friendly and diverse crypto experiences.

And that’s a wrap for January. Thanks for reading, and see you next month!

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