|All Time High:
|The price of #RAMP today is $0.07 USD.
The lowest RAMP price for this period was $0, the highest was $0.073, and the exact current price of one RAMP crypto coin is $0.07338.
The all-time high RAMP coin price was $1.00.
Use our custom price calculator to see the hypothetical price of RAMP with market cap of ETH or other crypto coins.
|The code for RAMP crypto currency is also #RAMP.
RAMP is 3.4 years old.
|The current market capitalization for RAMP is $5,288,668.
RAMP is ranking downwards to #1161 out of all coins, by market cap (and other factors).
|There is a very weak daily trading volume on #RAMP.
Today's 24-hour trading volume across all exchanges for RAMP is $16.00.
|The circulating supply of RAMP is 72,072,147 coins, which is 54% of the total coin supply.
LeverFi Transition — Deprecation of rUSD Platform
LeverFi Transition — Deprecation of rUSD Platform - NOTE: For users who have fully exited rUSD minting and withdrawn collateral, this update does not affect you. The rUSD platform was launched in Q2 2021 to help users unlock liquidity from on-chain yield-generating assets via an overcollateralized stablecoin. As we progressed into 2022, the global macroeconomic structure had changed rapidly with higher interest rates, major crypto firms meldown and heightened regulatory risks. In light of this, the proposal to transit to the LeverFi platform was approved by the RAMP DAO in Q2 2022 to revitalize the protocol and pivot into a less emission-intensive utility model. With the launch of LeverFi in December 2022, the rUSD platform shall be deprecated in parts across H1 2023, based on the following Deprecation Dates: 1 Feb 2023 — Closure of all Avalanche vaults and rUSD-Avax bridge., 1 Mar 2023 — Closure of all Ethereum vaults and rUSD-ETH bridge., 1 Apr 2023 — Closure of all Polygon vaults and rUSD-Polygon bridge., 1 May 2023 — Closure of all BSC vaults and DEX integrations., Users are required to withdraw their assets prior to the Deprecation Dates, or risk losing access to their assets. We thank our users for using RAMP DEFI, and are excited to continue providing new, innovative liquidity solutions for our users with LeverFi. LeverFi Transition — Deprecation of rUSD Platform was originally...
LEVER Launches Trading on Binance | 721.5M RAMP Burned
LEVER Launches Trading on Binance! We are happy to share that as of 13th July 2022 04:00 UTC, the LEVER token has launched on Binance for trading! Users can now trade the following spot pairs on Binance:LEVER/USDTLEVER/BUSD The LEVER (ERC20) token address is:https://etherscan.io/token/0x4B5f49487ea7B3609b1aD05459BE420548789f1fToken Swap Portal: Swap RAMP for LEVER Users who are holding ERC20-RAMP tokens on-chain can swap at the following Token Swap Portal:https://appv2.rampdefi.com/#/lever For users who wish to interact directly with the contract, the token swap contract address is:https://etherscan.io/address/0x30fC62b88010D4D0d0a68f0c74ed5D94E53e3bcf NOTES:The RAMP to LEVER token swap is one-way only and irrevocable.The on-chain token swap takes place on Ethereum only.There is no deadline for the token swap to be completed. Users can swap anytime. For more information, please refer to the RAMP to LEVER Token Swap Guide:https://medium.com/rampdefi/ramp-to-lever-token-swap-guide-c2419bc3871913 July 2022: 72.2% of RAMP Total Supply Burned Prior to the LEVER trading launch, a direct token swap has been conducted with exchanges, market partners and genesis wallets. As at 13 July 2022 03:00 UTC, a total of 721,542,011 RAMP (~72.2% of RAMP total supply) have been burned into the 0x000..001 address. Going forward, when users execute a swap via the Token Swap Portal, any RAMP tokens sent into the token swap contract are a...
RAMP to LEVER Token Swap Guide
RAMP to LEVER Redenomination and Token Contract Addresses We are excited to share that the RAMP to LEVER 1:35 token swap, redenomination and rebranding will start on 4th July 2022, and the LEVER token will launch for trading on 13th July 2022. Users receive 35 LEVER tokens for each RAMP token swapped. The token contract addresses are as follow:RAMP (ERC20): https://etherscan.io/token/0x33D0568941C0C64ff7e0FB4fbA0B11BD37deEd9fLEVER (ERC20): https://etherscan.io/token/0x4B5f49487ea7B3609b1aD05459BE420548789f1f Following the token swap, all swapped RAMP tokens shall be sent to burn at Ethereum address: 0x0000000000000000000000000000000000000001Security Audits The code for the LEVER token contract and token swap contract have been completed and audited by Peckshield. These audits are publicly available in Github: https://github.com/LeverFi/leverfi-token/tree/main/Audits1) On-Chain Token Swap Portal (Ethereum only) Users who are holding ERC20-RAMP tokens on-chain can swap at the following Token Swap Portal: https://appv2.rampdefi.com/#/lever. The Token Swap Portal is currently closed, please do not attempt to use it. Users can start swapping RAMP for LEVER on the Token Swap Portal on 13 July 2022 04:00 (UTC). For users who wish to interact directly with the contract, the token swap contract address is: https://etherscan.io/address/0x30fC62b88010D4D0d0a68f0c74ed5D94E53e3bcf The on-chain token swap takes place on Ethereum only. ...
RAMP — May Community Update
RAMP — May Community Update There have been significant market events over the past two months, such as the interest rate hike by the Federal Reserve and more recently, a stablecoin crisis, which have resulted in major turbulence for the markets. This article provides a review of these events for the RAMP community, along with updates around the transition of RAMP to LeverFi.1) A Review of rUSD Following Recent Events The recent LUNA/UST collapse was highly unfortunate for DeFi investors and users. In light of this event, it is important for users to understand that rUSD, which is overcollateralized, does not contain any of the same risks faced by UST. rUSD is minted using a wide range of collateral, including BTC, ETH, BNB, CAKE, RAMP and more. In times of stress, and using liquidations where necessary, the RAMP protocol has since inception, ensured that rUSD remains fully collateralized in value. Going forward, we expect the general environment to remain challenging for collateralized stablecoins, due to (i) increased risks for LPs as a result of highly imbalanced liquidity pools, (ii) constant LP reward emissions in the face of a market contraction and (iii) growing regulatory scrutiny by global governments. The transition of RAMP to LeverFi is expected to play a positive role in mitigating these headwinds for the protocol, team and community.2) Reaffirming Our Commitment to BUIDL Notwithstanding the broad marke...
RAMP DeFi (RAMP)’s RSS Feed Integrated With Crypto.com Price Page
We are excited to announce that users can now directly access RAMP DeFi RSS news feed through Crypto.com’s RAMP DEFI (RAMP) Price Page. This feature will enable Crypto.com users to obtain the latest news and updates on RAMP DeFi, an optimised lending platform that helps users unlock liquidity from yield-bearing assets. By staking collateral in RAMP, users earn yield on their collateral and mint the rUSD stablecoin for use at the same time. RAMP is launching a new leveraged trading product in 2022, with plans underway for a project rebrand and token swap. Crypto.com and RAMP users can easily stay on top of the latest updates of the platform via the RSS feed, while also having the latest RAMP price, trading volume, live charts and market capitalization data at your fingertips.About RAMP DeFi Backed by world-class investors, RAMP is a collateralized stablecoin lending platform that helps users unlock liquidity from yield-bearing assets. Users earn yield on their collateral staked within the RAMP platform, and mint rUSD stablecoin liquidity for use at the same time. RAMP is launching Lever Finance, a new innovative leveraged trading platform, and will also be doing a token swap to LEVER, in 2022. Users can access the RAMP token on: Binance | FTX (Futures) | PancakeSwap | Uniswap | Gate.io | MXC | Bittrex If you are interested to participate in our community and receive timely updates from the following official channels:...
RAMP to LEVER: Expected Timeline
We are excited to share that the transition of RAMP DEFI to LeverFi (Lever Finance) has been met with overwhelming approval from the RAMP DAO proposal, with 99.5% of token holders voting a YES for the proposed 2022 Roadmap! To provide more clarity for our community, we are excited to present an indicative timeline of events for the transition of RAMP to LeverFi below. The transition is expected to take place between April to June 2022.April 2022Daily reduction of RAMP emissions for RAMP single asset vaults to zero over 8 weeks, starting from 1 April 2022 until 26 May 2022 UTC 01:00.Daily reduction of all other RAMP emissions to zero over 2 weeks, starting from 1 April 2022 until 14 April 2022 UTC 01:00.The above applies to all chains that RAMP is deployed on. Staking rewards will subsequently be given out from the RAMP to LEVER token swap contract to incentivize users to participate in the swap.Alignment of Polygon vaults parameters to be identical with Binance Smart Chain (minimum collateralization ratio: 135% and liquidation ratio: 130%) starting 7 April UTC 01:00.Prepare LEVER token contract for audit.Prepare RAMP to LEVER token swap contract for audit.Launch of the LeverFi website, Telegram group, Twitter and other community channels.May 2022LeverFi product design and documentation for public release.Expected audit completion for LEVER token contract and RAMP to LEVER token swap contract.RAMP to LEVER token swap ...
RAMP 2022 Roadmap: FAQ 1
Following the release of the RAMP 2022 Roadmap, we have received a range of questions from the community around the token swap, RAMP product management and more. This article aims to address user questions around the above topics. As there are many similar questions, we have consolidated them to provide answers.About the RAMP Platform What does it mean to deprecate the RAMP platform? Will the RAMP platform continue to be supported?Deprecation of the RAMP platform does not mean that it will immediately cease operations and close down. Deprecation of the platform means that firstly, no new code or integrations will be added for the platform, and the platform will simply operate on an as-is basis.Secondly, because significant emissions are given out to drive platform utility, RAMP emissions will be progressively winded down over a 1–3 month period until it reaches zero.Thirdly, as users repay rUSD debt over time, subject to liquidity and risk constraints, the max borrowing limits will be progressively reduced.In summary, the RAMP platform will continued to be maintained for existing users even after the product transition — vaults will continue to autocompound, users can still deposit, mint (for assets with available borrowing capacity), provide liquidity and repay debt. What happens to minters? Can users still mint and use the RAMP platform? Is there a hard deadline for minters to repay their debt?Minters can repa...
RAMP: Reinventing 2022
A Plan To Revitalize RAMPAs we march into 2022, we see a vastly different crypto environment as compared to 2021, where bond purchases and capital inflows brought the crypto markets to an all-time high.Today, the global macro uncertainty of inflation, rate hike expectations and war has injected fear, doubt and uncertainty in investors.Under a challenging macro outlook, the RAMP team has reviewed the current state of the project progress. In particular, much of the RAMP utility design, infrastructure and incentives are now legacy. Multiple assumptions around macro conditions, tokenomics and user behavior made in 2020/2021 are no longer valid in 2022.With this in mind, we believe a rebuild of the RAMP project from ground up will open up new opportunities and drive clearer value accrual for our community.We are proposing a new roadmap, new product and updated plans to the community to revitalize RAMP.This is a high-level summary roadmap. The topics below will be covered in greater detail over more articles, and subsequently uploaded for community voting across March.New Product — Leveraged Trading with Yield-Bearing CollateralIn the process of building the RAMP platform, we have many learnings and discoveries.A major problem for DeFi in general is that TVL and utility are propped up through constant emissions, which is not sustainable over the long run.This also applies to RAMP, where the capital demands to develop rUSD...
RAMP Defi Integrates with Coinbase Wallet
We are thrilled to announce the integration with Coinbase Wallet, a self-custody wallet used to store, manage, trade, and swap multi-chain, multi-source digital assets. Starting today, users will be able to connect their Coinbase Wallet Browser Extension to the RAMP platform and start borrowing, lending, staking, and providing liquidity. — Explore RAMP with ease - Coinbase Wallet is your passport to the decentralized web. Harness the power of DeFi to earn yield, generate multiple earning streams and much more: Use DeFi liquidity pools to supply or borrow crypto, Swap assets on decentralized exchanges, Join a DAO and help shape a major web3 project, — About Coinbase Wallet - Coinbase Wallet is your key to the world of crypto. With Coinbase’s self-custody wallet, you are in complete control of your crypto. Coinbase Wallet enables you to store all of your crypto and NFTs in one place, trade over 4,000 tokens, and access an entire world of dapps across the most popular blockchain networks, and it’s all backed by Coinbase’s industry-leading security. Website | Twitter | Browser Extension Guide RAMP Defi Integrates with Coinbase Wallet was originally published in RAMP DEFI on Medium, where people are continuing the conversation by highlighting and responding to this story.
RAMP Defi Integrates Support for Coinbase Wallet
We are thrilled to announce the integration with Coinbase Wallet, a self-custody wallet used to store, manage, trade, and swap multi-chain, multi-source digital assets. Starting today, users will be able to connect their Coinbase Wallet Browser Extension to the RAMP Defi platform and start borrowing, lending, staking, and providing liquidity.Explore RAMP DeFi with ease Coinbase Wallet is your passport to the decentralized web. Harness the power of DeFi to earn yield, generate multiple earning streams and much more.Use DeFi liquidity pools to supply or borrow cryptoSwap assets on decentralized exchangesJoin a DAO and help shape a major web3 project“The Coinbase Wallet team shares our vision of a thriving multi-chain, cross-chain Defi ecosystem. With this integration we’re excited to bring RAMP DeFi experience to their global community. We look forward to further collaboration on products that accelerate the DeFi user experience.”Lawrence, Project Lead of RAMP DefiAbout Coinbase Wallet Coinbase Wallet is your key to the world of crypto. With Coinbase’s self-custody wallet, you are in complete control of your crypto. Coinbase Wallet enables you to store all of your crypto and NFTs in one place, trade over 4,000 tokens, and access an entire world of dapps across the most popular blockchain networks, and it’s all backed by Coinbase’s industry-leading security. Website | Twitter | Browser Extension GuideJoin the R...
More RAMP (#RAMP) News
|Bitcoin Whales Ramp Up Selling, BTC To Decline Below $32,000?
On-chain data shows the Bitcoin whales have potentially ramped up their selling recently, something that could lead to a drawdown for the asset.
Bitcoin Exchange Whale Ratio Has Spiked Recently
As explained by an analyst in a CryptoQuant Quicktake post, the price of Bitcoin could correct towards the $31,000 to $32,000 range from the current whale selling pressure.
The relevant indicator here is the 'exchange whale ratio,' which measures the ratio between the sum of the top 10 transfers to exchanges and the total exchange inflow.
The 10 largest transactions going towards these platforms generally come from the whales, so this ratio can tell us about how the inflow activity of the whales currently compares against the rest of the market.
These humongous investors may transfer their coins to these central entities for a variety of purposes, one of which could be for selling. Thus, whenever the whales occupy a large part of the total exchange inflows, it's a potential sign that the selling pressure being mounted by this cohort is rising.
Historically, the indicator crossing the 0.90 mark has particularly been bearish for the cryptocurrency. At this level, 90% of the total inflows are coming from the wallets of the whales.
Now, here is a chart that shows the trend in the 72-hour moving average (MA) Bitcoin exchange whale ratio over the past few months:
In the above graph, the quant has marked the 0.90 level in red and has highlighted the points in the Bitcoin price correspondin...
|Pro-ISIS Terrorist Organizations Ramp up Crypto Usage: TRM Labs
According to a recent report by blockchain analytics firm TRM Labs, terrorist groups globally, including those linked to ISIS, frequently utilize cryptocurrency for fundraising purposes. In certain instances, these terrorist organizations have been able to attract supporters and bolster their operations.
TRM Labs revealed observing 'mounting on-chain evidence' over the past 12 months that pro-ISIS networks in countries like Tajikistan, Indonesia, Pakistan, and Afghanistan have used crypto assets to facilitate their activities. Almost all of the transactions associated with the cases below were conducted using Tether (USDT) stablecoin on the Tron network (TRX).
Pro-ISIS Terror Organizations Leveraging Crypto
Several recruited fighters were lured to join ISIS’ affiliate in Afghanistan (ISKP) with the help of crypto. One such fundraising campaign was active for over a year and controlled an address that received around $2 million in USDT on Tron in 2022.
TRM Labs claimed to have busted the campaign, which led the Turkish authorities to arrest Shamil Hukumatov, a senior ISIS fundraiser last month who was allegedly behind it.
More than $517k was sent in 2022 by individuals using an Indonesia-based crypto platform to addresses that were flagged to belong to pro-ISIS fundraising campaigns in Syria and the local exchanges that facilitate their activities. In this case, as well, TRM Labs found that all these transfers were made using USDT on Tron.
During the latter half of 2022,...
|Trust Wallet Teams up With Ramp and MoonPay to Enable Crypto-to-Fiat Wit...
Trust Wallet – a decentralized, non-custodial crypto wallet provider - collaborated with the payment systems - Ramp and MoonPay - to allow customers to convert their digital asset holdings into fiat directly within the application.
Users who own over 100 TWT will get a special discount when withdrawing funds.
The New Fiat Off-Ramp Feature
According to a document seen by CryptoPotato, Trust Wallet shook hands with Ramp and MoonPay to enable users to move in and out of their crypto stash entirely through their self-custody wallet without relying on centralized entities.
To reduce fees associated with withdrawals, Trust Wallet will announce a discount for people with more than 100 TWT (the native token of the ecosystem).
Eric Chang - Head of Product - said the collaboration will offer clients 'the best quotes for selling their crypto assets directly to fiat from their wallet.'
'With the turbulent market, we think this is a timely launch to give our users the power to choose what to do with their crypto with some of the top off-ramp providers in a simple user experience,' he added.
Ramp's CEO Szymon Sypniewicz stated that his organization is 'incredibly proud' to provide such a solution for the millions of customers of Trust Wallet:
'Before our partnership, their users had to choose between the risk of simple, centralized custodial solutions and the more demanding journeys of more secure, non-custodial solutions. From now on, I'm happy to say that Trust Wallet u...
|Bitcoin To Plunge Further? Long-Term Holders Ramp Up Selling
On-chain data shows Bitcoin long-term holders have ramped up their selling recently, something that could lead to further plunge in the crypto's price.
Bitcoin Exchange Inflow CDD Has Spiked Up Over The Last Day
As pointed out by an analyst in a CryptoQuant post, the current rise in the CDD is the largest since 6th October.
A 'Coin Day' is the quantity that 1 BTC accumulates after staying still for 1 day in a single address. As such, whenever these holders do move their coins, the CDD usually spikes up due to the scale of Coin Days involved.
The current spike in the Bitcoin exchange inflow CDD thus suggests that some LTHs have deposited their coins to exchange wallets.
As the exchanges in question are spot platforms, it's possible that this movement of coins was made for selling purposes.
From the graph, it's apparent that both the previous big spikes in the indicator were followed by declines in the price of Bitcoin.
If the latest surge was also because of LTHs preparing to dump their coins, then the crypto is likely to observe bearish trend this time as well.
At the time of writing, Bitcoin's price floats around $16.4k, down 2% in the last week.
|Fiat-to-Crypto Company Ramp Raises $70 Million to Solve the Crypto Onboa...
Ramp, a fiat-to-crypto company, has announced it has raised $70 million as part of its Series B funding round. The round was co-led by Mubadala Capital and Korelya Capital, with Balderton Capital and Cogito Capital participation. The company explained that these funds would allow it to improve its app further and keep hiring talent.
Ramp Raises $70 Million in Series B Funding Round
Ramp, a company that specializes in providing fiat to crypto and crypto to fiat flows for different Web3 applications, announced it had raised $70 million in its latest funding round on Nov. 9. The funding round, which was co-led by Mubadala Capital and Korelya Capital, with participation from Balderton Capital and Cogito Capital, will allow the company to keep growing even with the current conditions of the market.
According to a press release, these funds will facilitate the operation of the company in the future, giving it the possibility to 'invest further into our product line, add local fiat currencies and payment methods, expand into new territories, and continue to hire the best talent in the market.' This round takes the number of funds raised by the company in the last 12 months to more than $120 million.
With this capital injection, two new executives will also join the company's board: Mubadala Capital’s Frederic Lardieg is now a director, and Paul Degueuse, partner at Korelya Capital, as an observer.
While other companies in the crypto market have faced...
|Ethereum Liquidations Ramp Up As Price Struggles To Hold $1,100
As the market ushers in another week of trading, the price of Ethereum has been struggling to hold above $1,100. This coveted point which it had broken last week remains an important technical level, which is why bulls continue to fight to hold it. However, with the decline of the digital asset’s price below $$1,200, its liquidations have been ramping up and in the last four hours, it had briefly surpassed bitcoin as more traders lose their positions.
Over $30 Million Ethereum Liquidated
Ethereum liquidations shot past bitcoin liquidations as its price continued to decline. In the last 24 hours, there have been more than 28,000 ETH liquidated as the market declines. This follows the general liquidation trend in the market given that the price of Ethereum had failed to test $1,500 as expected. In total, more than $32 million ETH had been liquidated from traders across the last day.
The same streak was recorded in the pioneer cryptocurrency, Bitcoin, whose liquidations had reached $35 million in the same time period. While over 46,000 traders have been rekt in the same 24-hour period. Most of these traders have been long traders who were seemingly following the recovery trend that had rocked the space towards the end of last week.
Is ETH In Full Recover? Ethereum has been doing quite well lately. The digital asset has been able to fend off the bears which have tried to drag down the price below $1,000 and had maintained the fight through last week. This had brought it abo...
|Exchange Inflows Ramp Up As Crypto Investors Clamor To Exit Market
With the crypto market's decline, there have been a number of things that have changed drastically in the space. Mostly, investors have been rushing to get out of the market before the crash takes more of their funds. What this has led to has been a significant increase in the number of cryptocurrencies that are flowing to exchanges. Most notably have been Bitcoin and Ethereum, whose daily exchange inflows have touched billions of dollars.
Billions In Crypto To Exchanges
The data for the last 24 hours shows that the amount of funds that are being transferred into centralized exchanges is up over the last week. Instead of the sub-$1 billion figures that have usually been recorded, the volume has ramped up significantly.
Glassnode reports that more than $3 billion in Bitcoin had moved into exchanges over the last 24 hours. The positive net flow of $532.4 million for Ethereum is in line with the outflow trend that had been recorded for the digital asset over the last couple of months.
Interestingly, although high, the numbers for the last 24 hours are almost 50% below what was recorded on Sunday. This is understandable given that the majority of the market crash had happened in the late hours of Sunday, thus causing investors to want to move their funds.
Total market cap below $1 trillion | Source: Crypto Total Market Cap on TradingView.com
To put this in perspective, Sunday had seen $6.5 billion worth of bitcoin flow into centralized exchanges, while Ethereum’s numbers h...
|Bitcoin Bearish Signal: Whales Ramp Up Dumping
On-chain data shows the Bitcoin exchange whale ratio has started to sharply rise, a sign that these humongous holders may be beginning to dump.
Whales Are Behind Almost 90% Of Bitcoin Exchange Inflows Right Now
As pointed out by an analyst in a CryptoQuant post, whales may be ramping up dumping, a sign that could be bearish for the price of BTC.
The 'exchange whale ratio' is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows.
Since the 10 biggest transactions to exchanges usually belong to the whales, this metric can tell us about the relative size of whale inflows to the rest of the market.
When the value of this metric is high (that is, above 85%), it means whales currently make up a very large part of the overall exchange inflows.
Especially high values can suggest that whales are mass dumping at the moment, something that could prove to be bearish for the price of Bitcoin.
On the other hand, the indicator having values lesser than 85% can imply whale selling in the market is at a healthy level right now.
|DeFi Kingdoms Integrates Ramp to Take in-Game Payments to the Next Level
PRESS RELEASE. London, UK: 30 March 2022 – Play-to-earn game, DeFi Kingdoms, has partnered with crypto payments infrastructure platform, Ramp to bring an even greater in-game payment experience to players. For one week only* players can enjoy zero fees when purchasing AVAX through Ramp.
DeFi Kingdoms has been wildly popular, generating more than $1.6 billion in transactions in January 2022 alone. Today's Ramp announcement comes as DeFi Kingdoms implements its cross-chain expansion to Avalanche.
Originally built on the Harmony blockchain platform, DeFi Kingdoms plays out in a nostalgic form of fantasy pixel art. The DeFi Kingdoms ecosystem includes a game, an exchange, a native token, hero Non-Fungible Tokens (NFTs), and a liquidity pool.
Through the Ramp partnership, DeFi Kingdoms players can enjoy multiple fiat-to-crypto payment options and top up their wallets or dApps instantly within the game. In particular, it will give players a fast and secure way to make in-game purchases on Harmony ONE, the platform on which the game's governance token – JEWEL – can be traded.
'DeFi Kingdoms is all about experience. As part of that, we wanted a frictionless onboarding journey for new users and a reliable, fast payment solution for existing players. We researched on-ramps and Ramp stood out for its customer focus, ease of implementation, global reach and track-record with compliance,' said DeFi Kingdoms President, Dreamer.
Ramp has partnered with the world's most ...
|Binance to Ramp up Mergers and Acquisitions in Other Sectors
Binance is branching out - at least according to a recent Financial Times report. The world's largest crypto exchange is planning a mergers and acquisitions spree into new markets amid ongoing regulatory scrutiny.
According to Binance CEO Changpeng 'CZ' Zhao, they 'want to identify and invest in one or two targets in every economic sector and try to bring them into crypto.' The enigmatic exchange founder thinks that pushing a company in the media industry to embrace crypto will lead others to follow.
The report added that Binance's core business – which is profiting from crypto transaction fees – is coming under increasing pressure from policymakers around the world that want to regulate the industry.
Binance Branching Out
Zhao stated that the firm was hiring a team of compliance and enforcement professionals to address the issue. It has also begun to utilize customer-checking software used by banks and demand rafts of additional KYC (know-your-customer) documents from its users. Binance has 70 employees in the UK that are focused on regulatory issues, he added.
The United Kingdom has been a particular bane for the company as its Financial Conduct Authority has come down hard on the exchange, forcing it to cease operations in the country last year.
The FCA has expressed concerns over Binance's partnership with payments platform Paysafe, which acts as a fiat on/off-ramp. Earlier this month, the company launched its own fiat-to-crypto payments provider Bifinity.