Amid the growing interest in the cryptocurrency sector, finance technology firm Ramp has announced its expansion into the Brazilian market in its bid to offer consumers in Latin America an easy, fast, and secure way to transact cryptocurrencies and to build itself a strong presence in the region.
Specifically, as part of this effort, Ramp has enabled card payments and introduced support for more than 40 national currencies, including the Brazilian Real, on its platform a month ago, according to the information shared with Finbold on July 26.
Furthermore, commenting on the development, Ramp CEO Szymon Sypniewicz shared his company’s focus on users in Brazil and other significant Latin American countries through card payments and stated that:
“As we enhance our services, we’re thrilled to offer our partners, such as TrustWallet, Exodus, Sorare, BitPay, Argent, Brave an improved access to this dynamic market. We’re not just striving to be globally available but to resonate with the local needs, and this development underscores our commitment to be an integral part of the crypto adoption journey for our users across Latin America.”
Crypto in Brazil and Latin America
Indeed, the company secured $70 million in funding in 2022 and has shifted its focus to Latin America as a key target market due to the region’s rapid growth in terms of crypto adoption. As it happens, Latin America accounted for over 9% of all crypto value received globally in 2022, having increased by 40% and reaching $562 billion between July 2021 and June 2022.
On top of that, a report has shown that Latin American nations, Brazil included, ranked among the world’s top crypto adopters in a trend driven by factors such as storing value, remittances, and decentralized finance (DeFi). Brazil alone had over 16 million crypto users, and its government has passed a number of crypto-friendly laws in 2023.
In December 2022, Finbold reported on the growing interest of Brazilian investors in crypto products despite the high turbulence and uncertainty in the market at the time, in a trend that surpassed the well-established traditional financial investment products like stocks and precious metals.
