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.