Coinweb, a layer-2 (L2) cross-computation platform, today announced that it has acquired FINTRAC-registered OnRamp Technologies, a payment company with Money Services Business consents (MSB) providing users access to fiat rails for projects being built on top of the Coinweb platform within Canada.
This license allows Coinweb to provide its services to customers in Canada for the first time, enabling the platform’s launch into North America shortly following its granting of a European digital asset license.
Canada’s MSB permissions permit Coinweb to offer virtual currency exchange and transfer services, paving the way for a 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. 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 CEO Toby Gilbert
The Coinweb team plans to continue to work towards the acquisition of licenses around the world 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.
Coinweb provides an expanded solution space and reduces platform risk for dApps by combining unifying interoperability with high-capacity computation.