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Kriptoteka > Market > Defi > Peanut Launches Instant Offramp for Crypto to Bank Cashouts
Defi

Peanut Launches Instant Offramp for Crypto to Bank Cashouts

marcel.mihalic@gmail.com
Last updated: October 23, 2024 8:41 pm
By marcel.mihalic@gmail.com 3 Min Read
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London, UK, October 24th, 2024, Chainwire

Peanut has introduced a beta version of its pioneering self-custodial offramp, which enables users to cash out any token across 20+ EVM chains directly to their bank accounts—eliminating the need for centralized exchanges. This beta rollout is initially available in the EU and US.

This novel beta feature serves as a crucial link between cryptocurrencies and traditional fiat currency. Users can convert any token from 20+ EVM chains directly into US Dollars or Euros for deposit into their bank accounts, bypassing CEXes or other custodial systems. This seamless process connects blockchain technology with fiat payment networks like IBAN, BIC, or SWIFT.

One of Peanut’s standout features is the ability to send funds via QR codes or messaging platforms such as WhatsApp, Telegram, and email. Thanks to the self-custodial offramp, recipients can now transfer their funds directly to their bank accounts even if they don’t own a crypto wallet. This advancement enhances accessibility and streamlines the process of transferring money across different platforms. Furthermore, users with self-custodial wallets can easily access offramps to their bank accounts without relying on a centralized exchange.

“Texting money has become a reality,” noted Hugo Montenegro, co-founder of Peanut and a Harvard alumnus. “This represents a significant step in simplifying crypto for everyday transactions, allowing users to send stablecoins through platforms like WhatsApp, Telegram, or Email. We utilize this to pay freelancers regularly.”

To celebrate the beta launch, a promotional fee of $1 plus 0.25% will apply, with a minimum cashout amount set at $10.

About Peanut

Peanut is leading the charge in revolutionizing crypto payments with its cutting-edge, fully decentralized self-custodial protocol – Peanut Protocol. It facilitates seamless, cross-chain and off-ramping transactions through the use of easy payment links. The platform empowers users to send, receive, swap across chains, and convert funds to fiat currencies efficiently, making cryptocurrencies more approachable than ever. With unique secret-protected vault smart contracts, Peanut guarantees top-notch security, ensuring that funds are released only upon sharing a private link by the sender.

“Now anyone can send funds effortlessly,” commented Derek, CTO of Reown.

Supporting over 20 blockchain networks and intending to expand to Bitcoin and Solana, Peanut Protocol is dedicated to simplifying the crypto user experience for everyone. As a non-custodial, permissionless solution, Peanut gives users complete control over their digital assets. Leading blockchain projects like Blockscout, WalletConnect, and Clave Wallet are already incorporating Peanut’s technology to enhance user experience.

For further details, users can visit https://peanut.to/ or reach out to [email protected]

 

Contact

Co-Founder
Konrad Urban
Squirrel Labs
[email protected]


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