Coinweb, a Layer 2 (L2) cross-computing platform, today announced the acquisition of OnRamp Technologies registered with FINTRAC, a Money Services Business (MSB) licensed payment company enabling users to access fiat rails for projects built on top of the Coinweb platform in Canada.
This license allows Coinweb to provide its services to customers in Canada for the first time, enabling the launch of the platform in North America shortly after a European digital asset license is granted.
Canada’s MSB authorizations allow Coinweb to offer virtual currency exchange and transfer services, paving the way for an integrated fiat rails wallet with cross-chain tokenization functionality.
“The requirements for licensing digital assets are subject to constant review and tightening of regulations in most jurisdictions. The race for a regulatory framework is on, with many countries seeking to position themselves as “crypto-friendly”, and Coinweb’s position is to chase the second ball bounce and keep a long distance. ‘advance. The acquisition of MSB of Canada marks the beginning of our entry into North America to better serve our partners and customers.
– Toby Gilbert, CEO of Coinweb
The Coinweb team plans to continue working on acquiring licenses worldwide as new regulatory frameworks begin to be implemented. As Coinweb’s capabilities grow, these licenses will help provide liquidity and enable the smooth activation and deactivation of fiat with crypto assets.
Coinweb provides an expansive solution space and reduces platform risk for dApps by combining unified interoperability with high-capacity computing.