MyEtherWallet launches verification-free crypto-to-fiat withdrawals in cooperation with Bity

Posted 21 February, 2019

The cryptocurrency wallet provider MyEtherWallet has reportedly rolled out new service in cooperation with Swiss-based Bity that will enable users to enjoy a verification-free exchange of crypto assets into euro and Swiss franc.

The company stated in the press release:

"Today, we are excited to reveal a new integration with Bity which allows MEW V5 users to exchange crypto to fiat without needing to be KYC verified, up to CHF 5,000 (which happens to be approximately equal to USD 5,000)."

According to the report, the announced service will be available for the users that have the international bank account number (IBAN). MyEthereumWallet believes that many users keep facing challenges and have to pass through a depressing process while getting their digital assets in fiats. Meanwhile, cryptocurrency exchanges are said to be the may "gatekeepers between crypto and traditional finance" now, and the quality of the services, as well as user experience, is very different by the platforms.

At the same time, the cooperation with Bity will give the way for so-called "Exit-to-Fiat" gateway given that Bity is fully regulated company and provides the global services in line with the Swiss Anti Money Laundering Ordinance (AMLA).  Bity runs the whole network of crypto ATMs Switzerland and plans coverage expansion.

"This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant," as the company stated.

As a result, Swiss-based users can enjoy Exit-to-Fiat service via Bity's ATMs, while international clients can benefit from MEW V5 integration. More details about how to use the service are given in the company press release on the official website.

Previous story

21 February, 2019 15:00

← Bank of Lithuania revises crypto and ICO position in line with current market environment

The Bank of Lithuania has reportedly revised its attitude towards digital assets and ICOs following the observed market picture as well as striving to provide the participants of all financial markets with the fair terms. The Bank made an announcement last week saying that it was decided to change the terminology regarding the cryptos. Specifically, the previous document involved the term virtual currency, while now it has been replaced by "term virtual assets". Still, the bank sticks to its previous basic principles, stating that representatives of financial markets should distinct financial services from those connected with cryptos, refraining from activities with digital assets.

Bank of Lithuania revises crypto and ICO position in line with current market environment

Next story

21 February, 2019 13:37

Investors in CryptoSolarTech to get their money back →

A Spanish crypto mining startup – CryptoSolarTech – announced its decision to return investors $68 million that was attracted during the ICO. All the investors received a corresponding letter. Initially, the company planned to set up crypto mining hubs in the southern part of the country along with the solar power station project to feed the capacities. However, the company gave up this plan as the authorities refuse to give a construction license for it. There is no information about whether CryptoSolarTech maintains business after the completion of the refunding process. Moreover, it is unclear whether the company has the capital for the refunding at all. 

Investors in CryptoSolarTech to get their money back
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