New MyEtherWallet and Bity Partnership Offers Crypto-to-Fiat Gateway Without KYC Protocols
MyEtherWallet is a user-friendly Ethereum interface tool, and they have recently established a partnership with Bity, a crypto finance platform.
The purpose of their collaboration is the implementation of a new crypto-to-fiat withdrawal system that is already completely regulated. However, unlike similar platforms, customers do no have to go through the Know Your Customer (KYC) protocols.
With the new gateway, the crypto holders will be able to create an exchange of funds, switching out their Bitcoin or Ether for euros or Swiss francs. Right now, users have a limit of 5,000 Swiss francs without going through the KYC processes. This is equivalent to about $5,000.
CEO and founder of MyEtherWallet, Kosala Hemachandra, said,
“This Exit-to-Fiat gateway is a gamechanger for cryptocurrency users around the world because it allows people to exchange crypto to fiat without needing to be KYC verified. Until now, crypto exchanges have been the main gatekeepers between the crypto and traditional financial world, so we’re excited to shake it up with Bity’s integration on MEW V5.” The companies both say that this process is completely regulated.
Right now, Bity has already been integrated with the V5 implementation of MyEtherWallet, which means that the wallet provides the new gateway without the noted KYC requirements. Right now, there are many crypto ATMs in Switzerland by the company, and they comply with the Swiss Anti Money Laundering Ordinance.
CEO and founder of Bity, Alexis Roussel, said that the technology they offer could ultimately “verify proof of wallet ownership,” but without requiring that the user reveal any personal information that would show their identity.
This would also make it possible for locals to have access to fiat-crypto exchange services that would otherwise require the use of an established platform as the middleman. Roussel added,
“MEW is the clear market leader when it comes to user-friendly wallet interfaces and the successful launch of V5 provided us with the perfect runway to bring this exit-to-fiat gateway to market. Our technology, which helps to verify the proof of wallet-ownership, will finally open doors for users to access a cryptocurrency exchange service that is KYC-less, yet regulatory compliant.”
The launch of this new collaboration comes at the same time as MyEtherWallet announced its version 5 wallet, which comes with plenty of new features and a much easier interface for inexperienced users.
The company is offering an exchange interface with Changelly, as well as Bity. With all of these features, users will have their choice of exchange services, effectively letting them “shop around” for the rates and offers that best meet their needs.
For most areas with regulatory protocols in place, KYC checks have become a necessity. There are many users that see KYC as a way to threaten their privacy on the exchanges and platforms, considering that the information is made available to for-profit companies. However, since it is a requirement in many jurisdictions, it is nearly impossible for an exchange to operate without implementing these procedures.
ShapeShift, which has resisted adding KYC for months, was finally ordered to do so in September, when it finally complied. However, since so many users with ShapeShift thrived on this privacy, many took their business elsewhere, leaving the firm’s trading volume in shambles.
Bity’s reputation in Switzerland is truly the driving force behind making the new system KYC-less. Their history shows their advocacy for anti-money laundering operations, and the compromise offered by their platform on KYC is sufficient for the local governments.