December 9, 2022
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Ramp – Polish startup that received over USD 10 million in funding –

Ramp is a Polish company from the cryptocurrency industry. It was founded by Szymon Sypniewicz and Przemysław Kowalczyk. Now it has raised $ 10.1 million. financing. Investments in the project include, among others NfX and Mozilla fund.

Ramp

Ramp designs SDK (software development kit). It is about tools that allow you to build applications for converting traditional fiat currencies into cryptocurrencies.

Interestingly, the startup already has over 200 partners around the world. These are i.a. Mozilla, Opera or DeFi applications – Argent and Zerion.

Now investors trusted the company. This group includes: Mozilla; Taavet Hinrikus – CEO and founder of Wise; Bartek Pucek – Global Strategy and Operations Manager at IKEA; Balaji S. Srinivasan – former CTO of Coinbase; or the NfX fund.

– NfX is considered one of the top 5 seed funds in Silicon Valley, they were the first institutional investor in Lyfta or Twilio. They are amazing people who strongly believe in network effects and believe that cryptocurrencies are such a “hack” to build a network effect to a whole new category of products. Morgan Beller, when she saw our startup, said yes, this is it. All we had to do was convince her that, if successful, our project had the potential of $ 100 billion. valuation, not just 10 billion – He said Business Insider Szymon Sypniewicz.

In an interview he gave the portal, he explained how he managed to attract investors.

I did a few things: I looked for common points where we agree, and then I started to draw logical conclusions from it. I started out by agreeing that software is changing the world, “software eats the world”, and that every business will be digital or will have a digital component. Then I pointed out that blockchain is a technology that adds a layer of ownership to native solutions on the internet. And then we agreed that it would be difficult for the current big businesses to add a bridge layer of these technologies that would not be speculative, and that the fundamentals of the payment market are not adapted to cryptocurrencies, that they need a new product and team. Beller asked how she could be sure we wouldn’t sell the company for a million or 100 million dollars. I replied that if I just wanted to make some quick money, I would have already sold the shares as Ramp had already received several takeover proposals. But we don’t do it for the money, we want to change something in the world – he translated.

Regulations

Recently, there is more and more talk about cryptocurrency market regulations. According to the startup, these should take place, but the regulations must be liberal.

– I believe that the cryptocurrency industry should be treated like fintechs at the beginning of their operation. When PayPal was founded, US regulators gave it time to spread its wings. They observed and over time regulated the new digital payments market, taking into account its innovative nature, after examining the risks for consumers and systemic for the economy from the existence of such a solution. I am of the opinion that it should be similar in crypto. First, you have to wait for the cryptocurrency environment to mature, until we understand all the risks associated with it, and only then separately regulate them with new laws. And it seems to me that these are the assumptions in most places in the world. Young projects are not killed, but their growth is observed, and only then is regulated adequately to the risk level, while applying the applicable laws on money laundering and financial market regulation, as in fintech – claims Sypniewicz.

Revolution is inevitable

However, according to Sypniewicz, the cryptocurrency revolution is certain.

– Revolution is inevitable. In my opinion, it is already visible, but we underestimate what may happen in 5 years. One of our investors is Mozilla, with which we experiment a lot, as well as Opera, on very mainstream ideas. In my opinion, every technology company will sooner or later want to act in finance and eventually they will succeed. And the most scalable and attractive technology that allows it is blockchain – He said.

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