Following this announcement, the partnership will focus on launching a stablecoin-backed corporate card, with fully integrated spend management software. The product is expected to offer businesses faster settlements, lower costs, built-in protection from current volatility, and card issuance.
In addition, the corporate cards are expected to enable global growth through multiple benefits, including funds (businesses will be allowed to fund a wallet with Ramp, using local currency), transactions (card purchases will work as a standard local payments), protection (the funds will be held in USD-equivalent value, shielded against local currency devaluation), as well as simplification of tools (businesses will have the possibility to access Ramp’s full suite of spend management and financial automation services).
According to the officials of the companies, the product was developed in order to optimise the manner in which businesses spend globally, while also providing customers with the possibility to access a simpler and more stable way to transact across borders. At the same time, by working with Stripe to extend Ramp’s platform to previously unreachable markets, businesses in emerging economies are set to gain access to the same advanced financial tools that helped multiple US companies save funds.
Furthermore, the combination of stablecoin-backed cards and Ramp’s financial platform is set to accelerate business development and the overall ecommerce in multiple regions around the world. The integration will enable the issuance of new card programs in multiple countries at once, starting with markets in Latin America. The focus on Latin America is expected to address the growing demand for companies to leverage stablecoins in order to store value and fund purchases. Customers will be enabled to benefit from 24/7 instant USD transfers globally, zero settlement delays, programmable treasury operations, and instant yield optimisation.
The companies also mentioned their plan to expand the availability of the products in multiple countries across the region of Europe, Africa, and Asia in the following months. Both Ramp and Stripe will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
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