Cryptocurrency custody platform Casa announced yesterday that users can now use their bank accounts to purchase Bitcoin on the platform. The platform said it is launching the service for its customers who are based in the US. It also stated that the purchased Bitcoin would be sent directly to the user’s wallet.
According to the announcement, the users can buy up to $200,000 worth of Bitcoin in a single month via the new service, with a 0.99% fee placed on every purchase.
Nick Neuman, chief executive officer of the platform, said users could buy the Bitcoin through partner platform, Wyre. He said there is a mining fee attached to each purchase because all purchased Bitcoins are sent on-chain directly to the user’s wallet.
Crypto exchanges also charge mining fees, usually when users are transferring their digital assets to their wallets.
Low transaction fees
According to Casa, the 0.00% fee for a single transaction represents one of the industry's lowest fees.
Casa claims it has a superior security model that keeps customers’ investments safe as it gives users full control of their funds while keeping the funds safe.
Third-party custodians keep about 50% of all Bitcoin custodians because of the high-security level they provide for BTC stored with them.
They also provide users with full sovereignty and full control over their funds, making the Bitcoin network less resilient.
Casa says one of the benefits of relying on the platform for the custody of funds is that it has reduced the level of risks or complications that traders and investors have when keeping their funds. The high risks are the reasons why many Bitcoiners are not interested in self-custody.
But the Casa platform will take care of those issues as it provides completely secure custody of users’ funds. One other benefit is the fact that their funds are insured against any risk.
The application process is simple
Casa has informed users on how to get started with the platform. According to the company, users can use the bank account button on the Casa app's purchase screen. They will be redirected to the company’s purchase partner Wyre to complete the process.
The review of the application also doesn’t take much time. According to Casa, each user application review takes between a few minutes to a few hours. Once the review is complete, a notification is sent to the user, and they can start purchasing Bitcoin with their bank accounts immediately.
The company says its processing partner requires a photo ID as well as their full personal information when processing the Bitcoin purchase. The requirements are to make sure the deal is in line with government regulations and protect fraud. The data is never stored on the Casa server as it is submitted via the Casa app.