MyEtherWallet cryptocurrency wallet presented a new service for instant conversion of crypto to fiat without a verification process. The innovation was announced on February 20 on the official blog of the wallet and on the representative page in Medium.
The conversion service for MyEtherWallet was created in collaboration with the Bity Swiss company. The new feature is called: "Exit to Fiat".
Interesting in the section: MyEtherWallet – browser wallet for Ethereum and ERC-20 tokens
Conversion of crypto to MyEtherWallet
"Exit to Fiat" service works without additional KYC verification. According to a press release, the system converts cryptocurrencies into fiat euro and Swiss francs.
"(...) we believe that the massive introduction (...) and advanced solutions for scaling will allow all financial transactions, from paying for the well-known "coffee" to buying a house, completely in crypto" – from the press release on Medium
According to the press release, the "Exit to Fiat" service can be used by all MyEtherWallet owners with international bank account number, IBAN. In the early stages of operation, the system has some limitations on convertible amounts. At one time, you can transfer to fiat an amount that will not eventually exceed $ 5,000.
To use the Bity "Exit to Fiat" integration, you need to go to the "Exchange" page on the wallet toolbar. Then select ETH on the left side of "From" and the Swiss franc (euro) on the right side of "To". To confirm, you need to select Bity in the "Providers" section – lower in the list.
Interesting in the section: Features of fiat money
Cryptocurrencies to fiat without verification are new features of MyEtherWallet. Recall that the Bity partner company is a regulated brokerage company with headquarters in Switzerland. For three years, the company has been providing crypto-financing services for clients around the world. Also, Bity operates a crypto-ATM network in five cities in Switzerland and operates under the Swiss Anti Money Laundering Ordinance, AMLA.
Editor: Yuliya Soroka