Ramp Network, which makes it easy for users to on and off-ramp from web3 games, has raised a $70 million Series B funding round, led by the UAE’s Mubadala Capital and Korelya Capital. Other investors include Balderton Capital which led its $53 million Series A, and new investor Cogito Capital.
We first came across Ramp in 2020 when the NFT-based fantasy sports platform Sorare adopted Ramp’s service. A significant proportion of NFT customers, especially in sports, don’t care about cryptocurrency. They want the collectible. So to make them open an exchange account to buy crypto to pay for the collectible is a step too far for many. As we wrote at the time, “you would lose users at ‘hello'”.
Ramp’s role is to dispense with the friction of needing crypto by accepting conventional card payments for the collectibles. But it also helps with Know Your Customer (KYC) processes. Instead of a formal KYC process, it is done transparently using open banking.
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