As the list of Web3 players is growing, the Kresus crypto SuperApp has extended its crypto cash-out service, allowing users to off-ramp at 0% fees when they withdraw USDC through integrating with Coinflow Labs.
On- and off-ramp processes are one of the weak links connecting the crypto economy to the broader financial system. Thus, enhancing and extending them is seen as critical in making Web3 mass market.
The ability to choose between a free cashout service or a paid option ensures instant off-ramping, allowing individuals to select a solution that meets their needs. With more connections between crypto and fiat, adoption will grow!
Mass Adoption is Coming
When trying to convert digital assets into flat currency, cryptocurrency holders are usually faced with high fees, slow processing times, and low withdrawal limits. Kresus is implementing no network fee off-ramping for USDC.
Users can now convert crypto that resides on multiple chains, such as Polygon, Solana, and Ethereum, into their preferred fiat currency. This is particularly useful for individuals trading on-chain, whose assets reside in web wallets that lack a fiat pipeline.
There is just one-time verification required and Kresus users can make multiple withdrawals without needing to complete KYC each time.
The Kresus SuperApp has been built to be part portal to the Web3 world. It is designed as the only app for all users’ digital assets with a highly secure architecture, including an advanced account recovery mechanism, a non-custodial design, and a user-friendly interface. Users can seamlessly move assets to Kresus and off-ramp to fit their needs.
By integrating with Coinflow Labs, its crypto wallet SuperApp allows users to withdraw up to $100,000 at a time into their bank account with 0% fees. The service is now supported in 50 US states.
The Race of Web3 Wallet Developers
Today, the crypto world requires a certain level of technical challenges, and developers are working to make them more user-friendly and give full control over crypto asset holders. Kresus is showing it the most efficient cashout solution of its kind while most off-ramp services use many intermediaries and pass those costs on to the user.
MetaMask, the world’s biggest self-custodial hot wallet with over 22 million users, has launched its new feature, supporting the conversion of ETH into types of fiat that depend on users’ location through “off-ramp” providers.
To start with, users pick the country they are in and select the amount to cash out. There’s a list of “off-ramp” providers including MoonPay and Transact.
Then, the selected provider will take over and send the ETH to the users’ designated bank accounts after calculating the exchange rate. The funds will show up in the bank in minutes. Additionally, users can also withdraw to PayPal, a partner of MetaMask.
Although the solution is smooth and cheap enough for the average user, users are responsible for the gas fee, which is paid to network validators for conducting transactions on the underlying decentralized network.
In addition, they also likely have to pay cash-out providers a transaction fee. As so, there’s an additional transaction cost of up to 8% of the total transaction, which is a significant fee.
Why #Kresus is Your Best Bet for Off-Ramping Crypto????
Heard about MetaMask's new "sell" feature? You can convert $ETH to $ but at a whopping 5-9% fee!
Let's explain why when it comes to off-ramping Kresus is the way to go, with 0% fees????
— Kresus: Crypto & NFT SuperApp (@Kresusofficial) September 8, 2023
On the other hand, Kresus is using on-chain infrastructure to cut down costs where Kresus does not take a cut and there is no network fee. To do this, SuperApp has integrated with Coinflow Labs to seamlessly move liquid crypto directly from their self-custody wallets.
It allows Kresus to conduct the bulk of the cash-out process on-chain while keeping intermediaries to a minimum. The platform can prevent fees from becoming bloated as well as help crypto holders to maximize the dollar value of their digital assets.