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Ramp is launching a new program to make it even easier for users to sign up and trade crypto – all customers need to provide is their tax ID number and a selfie.
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The company believes that removing the requirement for a customer to submit a high-quality photo of their government-issued ID will encourage more people to sign up. Ramp is first launching the service in Brazil, South America’s largest economy.
“By reducing barriers to entry, documentless KYC can play a major role in driving mass adoption of digital currencies,” said Ramp’s Trading Director, Jose Jimenez-Mancha. “We are launching documentless KYC in Brazil first, and we will expand to other regions throughout 2024.”
This update to the company’s KYC policy follows its integration with Brazil’s national digital payments platform, Pix.
Announced in September last year, the move was also designed to make it easier for customers to sign up in the country, which is home to over 200 million people. Pix, which allows people to purchase goods and send money to each other using a smartphone app, is used by the majority of Brazilians.
The Verification Process (Ramp)
The absence of a government ID photo requirement means Ramp will need to be extra careful to ensure its KYC protocols are working effectively and that people are who they say they are. However, the company said that Ramp does not work directly with the Brazilian government, but instead partners with a third party that can carry out the necessary checks.
The company said the new initiative will help users hoping to sign up to platforms that have integrations with Ramp, such as MetaMask, TrustWallet, BitPay and others.