We are thrilled to announce the first integration of a fiat on-off ramp to one of our products, the WebApp. This marks an essential step on our journey to provide a holistic DeFi service as it enables both seamless onboarding of new users and subsequent withdrawals to fiat. The first integration is powered by Mt Pelerin, and you can look forward to having the service in the native app in the coming weeks as well.
Having a well-functioning fiat on/off ramp within our products is very important as it enables users to go fully DeFi. This means that from now on, you do not have to own crypto assets to use our products, instead you can come directly to THORWallet DEX and enter the space through one of our products. With this, you can avoid going through centralised intermediaries to access a fiat gateway, therefore closing the gap while remaining fully on-control of your keys.
Mt Pelerin is an authorized Swiss financial intermediary and its regulation allows for KYC-less money exchange under certain thresholds. As a result, you can now buy/sell crypto with us without having to pass KYC with the following limits (the limits are for a user’s total volume accumulated across both on and off ramp and reset each year on January 1st):
CHF 1,000 per day
CHF 15,000 per month
CHF 100,000 per year
Completing the KYC process allows you to trade in unlimited amounts. Mt Pelerin also charges different fees depending on the method used and the KYC status. You can find out more about them here.
The fiat on/off ramp allows supports 14 fiat currencies and is currently available in 172 countries with exception of US persons and residents of Afghanistan, Belarus, Burundi, Central African Republic, Democratic Republic of the Congo, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mainland China (Hong Kong and Taiwan accepted), Mali, Myanmar, Nicaragua, North Korea, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, and Zimbabwe.
You can find the “Buy” and “Sell” option in the menu on the left hand side. The on/off ramp is currently available to all community tiers with no restriction for a promotional period. Later, only the Community Plus tier will have limitless access. We are looking forward to hearing your feedback.