Ramp Network, a leading fintech company, has unveiled a ground-breaking advancement in the realm of cryptocurrency transactions, announcing the launch of a pioneering document-free verification system now available in Brazil and set for further expansion in the future.
By leveraging Ramp’s new system, eligible users can verify their identities using only validated national tax or ID numbers, finishing the onboarding process within seconds.
Szymon Sypniewicz, CEO and co-founder of Ramp, emphasized the importance of swift onboarding and crypto accessibility, stating:
Picked for you
“At Ramp, we want Web3 onboarding to be not only secure but also smooth and rapid. That’s why we’ve implemented this innovative feature, reducing the verification process from minutes to seconds, and eliminating the need for cumbersome physical documents for such transactions. This move further reinforces our commitment to making crypto effortless.”— Szymon Sypniewicz, CEO and co-founder of Ramp
What does the new verification system mean for the Brazilian market?
Crypto purchases typically involve the cumbersome task of submitting official ID documents, a process that can significantly slow down transaction speeds or detract users altogether.
Recognizing this challenge, Ramp introduces a new verification solution designed to expedite the verification process by up to four times while ensuring all regulatory standards are met.
In Brazil, eligible citizens can conveniently input their CPF (taxpayer registry) number and provide a selfie to initiate the verification process. The system then swiftly cross-references provided information with government databases, facilitating a secure authentication process in a matter of seconds.
What’s in store?
These developments align with Ramp Network’s mission of bringing new users into its Web3 ecosystem.
The company’s decision to debut its new functionality in Brazil is strategic, given the country’s reputation as a large growth market and its robust payment infrastructure, including the widely utilized Pix payment system and support for the Brazilian real (BRL).
Looking ahead, Ramp has ambitious plans to expand its document-free verification system to new markets. In anticipation of this expansion, it established a local entity in Brazil last year, laying the groundwork for future developments in South America.