Product Updates | May 2024

Highlights of this month:

• Introduced SEPA Instant bank payouts in Europe
• Expanded card payouts to 35+ local currencies
• Registered as a VASP with the Central Bank of Ireland
• Launched Portuguese support in Brazil

Dive in to learn more!

SEPA Instant bank payouts: real-time transfers in Europe

We're thrilled to announce the launch of SEPA Instant bank transfers in Europe, enhancing our off-ramp capabilities. This feature allows users to sell their crypto and receive EUR payouts almost instantly, providing a seamless and efficient cash-out experience.

SEPA Instant offers significant benefits for our users. Cost savings are a key advantage, with users enjoying a low 0.99% fee for off-ramping. Reliability is another major benefit, as SEPA helps overcome issues often faced with card transactions, such as bank rejections or unsuccessful card verifications.

A standout feature of SEPA Instant is our pre-screening of users' IBANs, providing clarity and transparency. Users are informed whether their funds will be delivered via SEPA or SEPA Instant, ensuring they know exactly when to expect their fiat. Operating 24/7/365, including bank holidays, SEPA Instant delivers fiat the same day. This seamless integration exemplifies our commitment to providing cost-effective, reliable, and transparent financial services.

Visa & Mastercard payouts in 35+ local currencies

In another exciting update, Ramp is expanding its Visa and Mastercard payout options to include over 35 local currencies, building on our earlier launch of local currencies for on-ramp. This enhancement enables users to sell their crypto and have the amount added directly to their credit and debit cards in their local currency, avoiding excessive exchange fees and simplifying the cash-out process.

With new currencies like the Brazilian real, Mexican peso, and Malaysian ringgit, Ramp empowers millions of users to seamlessly exchange crypto into their own currencies. This update ensures a two-way path into Web3, allowing users to easily onboard using their local currency and then swap their crypto back to the same local currency, maintaining our standard of coverage, transaction speed, and competitive pricing.

Stay tuned for more updates as we continue to expand our localized payment and payout options, enhancing the convenience and accessibility of our services for users across the globe.

VASP registration with the Central Bank of Ireland

We are excited to announce that Ramp Network has been approved by the Central Bank of Ireland as a registered Virtual Asset Service Provider (VASP). This approval enables our Irish subsidiary to offer services that allow users to exchange fiat currencies for over 100 cryptocurrency assets, and vice versa.

This registration underscores our commitment to onboarding users to Web3 through our straightforward crypto on- and off-ramp services. Ireland, known for its status as a fintech innovation hub, was chosen for its favorable market and regulatory environment. Ramp Network plans to establish its European headquarters in Dublin, seeking further authorization as a Crypto Asset Service Provider (CASP) under the upcoming Markets in Crypto Assets Regulation (MiCAR).

This milestone is a testament to our dedication to compliant and safe crypto services, and it aligns with our vision of promoting crypto adoption globally. Stay tuned for more updates as we continue to expand our reach and enhance our services.

Portuguese support in Brazil

We're excited to announce the addition of Portuguese language support, marking a significant step in our product localization efforts. This enhancement is designed to make our simplified crypto on- and off-ramps more accessible to users in Brazil, providing a smoother Web3 onboarding experience in their native language.

As a leading provider of fintech infrastructure in the crypto industry, Ramp is dedicated to lowering the barrier to entry for Web3. By offering Portuguese support, we aim to better serve our Brazilian users, aligning seamlessly with our existing support for Pix, popular cards, and the Brazilian real.

Brazil is a key growth market for Ramp, having also been the first to benefit from our novel document-free KYC process. We plan to expand language support to more markets in the future, continuing our mission to make crypto transactions accessible to all.

What’s next 

In the coming months, stay tuned for further localization of our widget, the addition of new local payment methods, and an expanded cryptoassets offering. These updates are part of our ongoing efforts to enhance accessibility and provide a more seamless user experience. 

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

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