Ramp Introduces Document-Free KYC Program to Simplify Crypto Onboarding

February 12, 2024 BACK TO NEWS

Ramp, a leading crypto on-ramp platform, is rolling out a new initiative aimed at streamlining the signup process for potential customers, making it easier for them to start trading cryptocurrencies. The program requires only two steps: providing a tax identification number and a selfie, eliminating the need for customers to submit a quality photo of their government ID.

The decision to remove the ID photo requirement stems from Ramp's goal of increasing user signups by reducing barriers to entry. By simplifying the KYC (Know Your Customer) process, Ramp believes it can drive mass adoption of digital currencies. Initially launching in Brazil, South America's largest economy, Ramp plans to expand this document-free KYC program to other territories throughout 2024.

Jose Jimenez-Mancha, Ramp's Chief Commercial Officer, emphasized the significance of this update, stating that it will play a pivotal role in promoting widespread adoption of cryptocurrencies. He highlighted the importance of reducing entry barriers to attract more users to the crypto space.

Ramp's KYC policy update follows its integration with Brazil's national digital payment platform, Pix, announced in September last year. This integration aimed to streamline customer onboarding in Brazil, a nation with a population of over 200 million people. Pix, a smartphone app-based payment platform, is widely used by Brazilians for purchasing goods and transferring money, following its launch by the government in 2021.

Despite removing the need for a government ID photo, Ramp assures that it will conduct due diligence to ensure the efficiency of its KYC protocols and verify the identities of its users. While not directly collaborating with the Brazilian government, Ramp is working with a third-party service provider capable of performing the necessary checks.

The introduction of this initiative is expected to benefit users seeking to sign up with platforms integrated with Ramp, including MetaMask, TrustWallet, BitPay, and Sorare, among others.

In 2022, Ramp secured $70 million in Series B funding, reflecting investor confidence in its growth potential and innovation within the crypto industry. With its latest move to simplify the onboarding process, Ramp aims to further enhance accessibility and convenience for individuals entering the world of cryptocurrencies.