London, United Kingdom, October 22nd, 2024, Chainwire
Peanut launches the first self-custodial offramp, allowing users to cash out any token on 20+ EVM chains directly to their bank accounts without relying on centralized exchanges. This beta feature is being rolled out in the EU and US first.
This new beta feature creates an essential bridge between crypto and fiat. Users can cash out funds from any token on 20+ EVM chains directly in US Dollars or Euros to their bank account. This works by creating a bridge between blockchains and fiat payments networks like IBAN, BIC, or SWIFT.
Peanut’s key feature is texting funds using QR codes or messengers such as WhatsApp, Telegram, email, etc. With the self-custodial offramp, recipients can now transfer their funds directly to their bank account without needing a wallet. This breakthrough in crypto accessibility makes transferring money across platforms frictionless and user-friendly. In addition to texting funds without worrying whether the recipient uses crypto or fiat, users of self-custodial wallets can now directly offramp into their bank account without using a CEX.
“Texting money is now possible,” said Hugo Montenegro, co-founder of Peanut and a Harvard graduate. “This is a major step toward simplifying crypto for everyday use, meaning you can send stablecoins through channels like WhatsApp, Telegram, Email, etc.”
For the beta launch of this new feature, Peanut Protocol will give each user the first five transactions for free. Afterwards, a small fee will apply. The minimum cashout amount is $10.
About Peanut
Peanut is at the forefront of transforming crypto payments with its innovative, fully decentralized self-custodial protocol — Peanut Protocol. It enables seamless, cross-chain, and offramping transactions. The platform allows users to easily send, receive, cross-chain swap, and offramp funds to fiat currencies, making crypto more accessible than ever. Peanut’s unique secret-protected vault smart contracts provide top-tier security, ensuring that funds are only released when the sender shares a private link.
“Anyone can now send funds seamlessly,” said Derek, CTO of Reown.
With support for over 20 blockchain networks and plans to expand to Bitcoin and Solana, Peanut Protocol is committed to simplifying the crypto experience for everyone. As a non-custodial, permissionless solution, Peanut empowers users with complete control of their digital assets. Leading blockchain projects such as Blockscout, WalletConnect, and Clave Wallet already leverage Peanut’s technology to enhance their user experience.
For more information, visit their website.
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Konrad Urban
Squirrel Labs
