Ramp Network has launched a groundbreaking initiative for crypto purchases – a document-free verification process, debuting in Brazil. This novel approach streamlines the acquisition of cryptocurrencies, bypassing the traditional, often sluggish, document verification methods.
Ramp’s innovative solution empowers users to swiftly verify their identities using only their national tax or ID numbers. This system signifies a leap in efficiency, condensing a process that once took minutes if not hours into mere seconds.
Compared to the outdated industry standard, which requires buyers to submit identity documents – a procedure that can stall transactional fluidity – Ramp’s new feature boasts a significant reduction in processing time. This not only accelerates the purchasing process by up to four times but also upholds the highest security standards and adherence to regulations.
Ramp’s system taps into the Brazilian government’s database to quickly confirm users’ identities via their CPF numbers, complemented by a simple selfie upload. The process exemplifies a secure and compliant method, ensuring users’ verification is both quick and dependable.
This development aligns with Ramp’s vision of facilitating a seamless transition for millions into the Web3 realm. As a significant player in the fintech infrastructure of the crypto sector, Ramp’s app and API integrations allow users to smoothly acquire digital assets with fiat currency, supporting a variety of local currencies across the globe.
Looking forward, Ramp eyes further expansion of this document-free verification system into additional markets, building upon its integration with Brazil’s leading payment gateway, Pix and the Brazilian real (BRL).