Coinweb, a Layer-2 (L2) cross-computing platform, announced today that it has acquired FINTRAC-registered OnRamp Technologies, a payment company with Money Services Business Consents (MSB) that provides access to fiat rails for projects built on users across Canada. In the Coinweb platform.
The license allows CoinWeb to offer its services to customers in Canada for the first time, enabling the launch of a platform in North America shortly after the issuance of a European digital asset license.
Canada’s MSB permission allows CoinWeb to offer virtual currency exchange and transfer services, paving the way for a Fiat Rail-Integrated Wallet with cross-chain tokenization functionality.
“The need to obtain a digital asset license is a matter of constant review and regulation across most jurisdictions. Many countries want to position themselves as ‘crypto-friendly’ and CoinWeb’s position is to follow the second bounce of the ball and stay ahead of the curve. The acquisition of Canada’s MSB marks the beginning of our entry into North America to better serve our partner and customer base.
– Coinweb CEO Toby Gilbert
The Coinweb team plans to continue working towards licensing around the world as the new regulatory framework begins to be implemented. As Coinweb expands its capabilities, these licenses will help provide liquidity and enable Fiat’s smooth on and off ramping with crypto assets.
Coinweb provides an enhanced solution space and reduces the platform’s risk for dApps by combining high-performance computing with interactivity.