Coinweb Acquires OnRamp Technologies to Expand Into North America

Announcements, Blockchain, News, Regulation | April 18, 2022 By:

Coinweb, a cross-computation Layer-2 platform delivering true interoperability, has announced its registration with Canadian Regulator, FINTRAC, in its latest move toward expanding into the North American market.

Founded in 2017, Coinweb is a layer-2 cross-chain computation platform that aims to solve some of the most critical problems that exist within Distributed Ledger Technology today.

Coinweb’s expansion into Canada as a registered Money Services Business was completed through the acquisition of OnRamp Technologies Limited, a payment company providing users access to fiat rails for projects being built within the regulated Canadian crypto landscape. Canada’s Money Service Business permissions enable Coinweb to offer virtual currency exchange and transfer services, paving the way for a full fiat rails-integrated wallet with cross-chain tokenization functionality.

“The requirements to obtain digital assets licenses are subject to constant reviews and tightening of regulations across most jurisdictions,” said Coinweb CEO Toby Gilbert. “The race for delivering regulatory framework is on with many countries looking to position themselves as being ‘crypto friendly,’ and Coinweb’s stance is to pursue the second bounce of the ball and stay ahead of the curve. Acquiring Canada’s MSB marks the beginning of our entry into North America to better service our partners and customer base.”

Coinweb continues to work towards the acquisition of licenses around the world, and has built an experienced in-house compliance team to future-proof the business within the digital landscape as new regulatory frameworks begin to be implemented. As Coinweb’s capabilities expand, these licenses will help to provide liquidity and enable the smooth on- and off-ramping of fiat with crypto assets.