MyEtherWallet(MEW), the Ethereum interface tool has collaborated with Swiss crypto finance platform Bity aiming to implement a new fully regulated crypto-to-fiat system. And unlike other similar platforms, customers need not go with the process of Know-Your-Customer (KYC) protocols or checks.
With this in place, crypto holders will now be able to exchange cryptocurrencies, digital assets – Bitcoin (BTC) and Ether for Euros or Swiss francs. Currently, the non-KYC users will have limit of upto 5000 CHF, that is about Rs. 3,54,900 as per the transaction rates presently.
Kosala Hemachandra, the CEO and the founder of MEW said, ”This Crypto-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,”
Presently, Bity has integrated with MEW’s version 5 (V5), providing the customers with a new gateway without the KYC requirements. The company has a vast network of crypto ATM’s in various cities of Swiss like Zurich, Basel and Zug and all these comply with Swiss Anti Money Laundering Ordinance.
Alexis Roussel, CEO, and founder of Bity said that technology that they are offering is “verify proof of wallet-ownership” without actually requiring the personals details to verify their respective identities. He also showed that with this technology in place it would open various doors for users or crypto holders providing such exchange services outside the established platforms. He also added “Our technology…will finally open doors for users to access a cryptocurrency exchange service that is KYC-less, yet regulatory compliant,”
The launch of this partnership comes with the launch of MEW’s version 5 wallet. The new version has many new features that have made very user-friendly and more accessible to the beginners. This partnership open more options for the exchange services which would, in turn, allow the customers to do shopping at best offers and rates that would meet their needs.
Why KYC?
KYC has become a necessary activity in most of the countries. Many crypto users find that this proves to be a threat to their privacy on exchange and platforms. It is because this information usually is made available to for-profit companies. While this is also a requirement in many jurisdictions, it is impossible for an exchange to operate without implementing these processes. The popular exchange service, Shapeshift has tried to withstand the calls from regulators and market in adding KYC for months, but it finally had to do so in last September. Many users moved to less strict platforms causing a visible dent in the trading volume.
However, Bity has a reputation and history in Switzerland and also validate the transactions which are the main driving force behind the new KYC less system. The money restrictions also prevent the services being used for mass money laundering operations.