In Brazil crypto firm Ramp rolls out ID free onboarding in attempt to add more clients

In attempt to make it even easier for people to signup and start trading crypto, Ramp is rolling out a new program where the only two hoops would-be customers have to jump through is providing a tax identification number and a selfie. 

The company believes by removing the necessity of a prospective customer having to send in a quality photo of their government ID, more people will signup. Ramp is initially launching the service in Brazil, South America's largest economy.

"By reducing barriers to entry, document free KYC can play a pivotal role in driving the mass adoption of digital currencies," Ramp's Chief Commercial Officer Jose Jimenez-Mancha told The Block. "We are launching document free KYC in Brazil first and will be rolling it out to other territories through 2024."

This update to Ramp's KYC policy follows its integration with Brazil's national, digital-payment platform Pix. That move, announced last September, was also designed to streamline the onboarding of customers in nation of more than 200 million people. Pix, which allows people to purchase goods and send each other money using a smartphone app, is used by the majority of Brazilians. The nation's government launched Pix in 2021.

Due diligence

Not requiring people to provide a photo of a government ID still means that Ramp will have to do the necessary due diligence to insure its KYC protocols perform efficiently and people are who they say they are. Ramp, however, is not working directly with the Brazilian government, but instead is collaborating with a third-party which can perform the necessary checks, the company said.

The company said that the new initiative will help users hoping to signup with platforms Ramp has integrations with including MetaMask, TrustWallet, BitPay and Sorare, among others.

In 2022, Ramp raised $70 million in Series B funding, giving it a valuation of at least $450 million at the time.