Peanut Unveils Instant Offramp for Direct Crypto-to-Fiat Cashouts

[PRESS RELEASE – London, United Kingdom, October 24th, 2024]

Peanut has launched a beta version of its first self-custodial offramp, enabling users to cash out any token from over 20 EVM chains directly to their bank accounts—without the need for centralized exchanges. This feature is initially being rolled out in the EU and US.

This innovative beta offering establishes a crucial link between cryptocurrency and traditional currency. Users can cash out any token from more than 20 EVM chains directly in US Dollars or Euros to their bank account, eliminating the necessity for centralized exchanges (CEXs) or other custodial solutions. This is made possible by linking blockchains with fiat payment networks such as IBAN, BIC, or SWIFT.

A standout feature of Peanut is the ability to send funds via QR codes or messaging platforms like WhatsApp, Telegram, and email. With the self-custodial offramp, recipients can easily transfer their funds directly to their bank account without needing a wallet themselves. This advancement enhances crypto accessibility, making it easier and more user-friendly to move funds across different platforms. Additionally, users with self-custodial wallets can now directly cash out into their bank accounts without utilizing a CEX.

“Texting money is now a reality,” stated Hugo Montenegro, co-founder of Peanut and a Harvard alumnus. “This represents a significant advancement towards making crypto more user-friendly, allowing stablecoins to be sent through channels like WhatsApp, Telegram, and Email. We frequently use this to pay freelancers.”

For the initial beta phase, a promotional fee of $1 plus 0.25% will apply, with a minimum cashout set at $10.

About Peanut

Peanut is leading the charge in revolutionizing crypto payments with its groundbreaking fully decentralized self-custodial protocol – Peanut Protocol. It facilitates smooth, cross-chain and offramping transactions through simple payment links. The platform enables users to send, receive, swap across chains, and convert funds to fiat, making cryptocurrency more accessible than ever. Peanut’s unique vault smart contracts, secured with secret protection, provide premium security, ensuring that funds are released only when a private link is shared by the sender.

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

Supporting over 20 blockchain networks with plans to integrate Bitcoin and Solana, Peanut Protocol is dedicated to enhancing the crypto experience for all users. As a non-custodial, permissionless solution, Peanut gives users complete control over their digital assets. Esteemed blockchain initiatives like Blockscout, WalletConnect, and Clave Wallet are already utilizing Peanut’s technology to improve their user experiences.

For additional information, users can visit https://peanut.to/ or reach out to press@peanut.to.