Ramp expands its recently established presence in Brazil by integrating local central bank payment processor Pix. With the new instrument, tens of millions of Brazilian citizens will be able to start sending and accepting crypto for personal and corporate needs.
Ramp fintech integrates Pix payment gateway, bets big on Brazilian audience
Ramp, the financial technology company behind solutions for integrating cryptocurrency into global payments infrastructure, starts supporting Pix by Banco Central do Brasil (BCB). The new payment option streamlines the process of purchasing cryptocurrency with the Brazilian real, a joint statement by the two teams says.
This integration is also designed to allow all Ramp partners to tap into the domestic Brazilian market and benefit from the country's most popular payment method for individuals and corporations.
For Brazil residents, this partnership eliminates the uncertainty and extra charges associated with cross-border transactions, as they do not need to use foreign operators to buy crypto with BRL any longer.
Szymon Sypniewicz, CEO of Ramp, stressed the importance of this integration for the international growth strategy of his platform and for the entire fintech landscape in Brazil:
We're incredibly proud to massively boost our support to Brazilian users in such quick succession. Now people in Brazil can become part of the Web3 economy in seconds, compared to hours before. Following the recent launch of BRL card payments and the establishing of our local Brazilian entity, this move builds on our mission to make crypto available everywhere, but in particular where it’s needed most - and at the same time creates even more opportunities for both local Web3 builders and our global partners looking to increase their footprint in Latin America.
Brazil is one of the biggest cryptocurrency hubs in the LatAm region. Since 2022, it is working on building a clear regulatory framework for crypto businesses, as U.Today reported.
Toward advanced synergy between crypto and fiat segments
Pix was launched in 2021 by Brazil's central bank as an instrument for Brazilian individuals, companies and government bodies to send and receive payments 24/7 with no need to interact with banks.
The protocol has already surpassed credit and debit cards in retail payments: over 70% of Brazil residents use Pix every day. As such, this launch is a natural step for Ramp's expansion in Brazil.
Earlier, the fintech platform opened an office in the country and started offering card payments in both USD and BRL.
By Q4, 2023, Ramp's services are available in all regions of the word, with the on-ramp supported in 150+ and off-ramp in 130+ countries and territories.