Users will be able to withdraw up to $100,000 in USDC via the off-ramp to their selected bank account.
Web3 SuperApp and crypto wallet Kresus unveiled its crypto off-ramp for stablecoins, allowing users to cash out directly to their bank accounts with zero fees. The cashout feature was launched in partnership with Coinflow Labs and will allow users to withdraw up to $100,000 in USDC into their bank account, which makes it one of the most prominent crypto cashout features with no fees.
One of the biggest challenges in the crypto space has been the lack of on-ramp and off-ramp features, whereby users struggle to convert their digital assets into fiat currencies, especially with the recent regulatory pressures in the U.S. and around Europe. Moreover, the few fiat withdrawal channels offer high transaction fees, slow processing times, or low withdrawal limits – a fate that Kresus is looking to change with their no network fee off-ramping platform.
The off-ramp allows users to off-ramp their USDC from multiple blockchains, including Polygon, Ethereum, and Solana, into their preferred fiat currencies, e.g. USD, EUR, and GBP. This is handy for users with huge on-chain trading accounts that lack a fiat off-ramp. The wallet only requires users to complete KYC verification once, which allows them to make multiple withdrawals without verifying every time.
“Coupled with low exchange fees, [the quick verification process] has made Kresus the most efficient off-ramp solution on the market,” the press release reads.
How Kresus delivers zero-free transactions
Most of the crypto on and off ramps mainly need to partner with banks, financial institutions and other intermediaries to provide off-ramp services. As such, the additional costs are passed down to the consumer, making the transaction more expensive than it should be. Kresus, on the other hand, uses on-chain infrastructure to cut costs and provide zero-free network transactions.
Via integrating with Coinflow Labs, most user transactions pass on-chain, removing any need for intermediaries. This prevents fees from becoming bloated and ensures that crypto holders can maximize the dollar value of their digital assets. As Daniel Lev, CEO of Coinflow Labs explains, the partnership enables Kresus users to “seamlessly move liquid crypto directly from their self-custody wallets”.
“We believe that users deserve full control over their crypto assets, and our on-chain infrastructure fills the missing piece by offering off-ramping options with minimal fees,” Lev further explains. “We provide a free offramp and an instant, 24/7/365 priority service.”
As one of the most challenging barriers to entry for new crypto users, on and off-ramps are witnessing a new channel for growth with Kresus’ novel development. Finally, users on the platform have a choice between a free cashout service or a paid option that ensures instant ACH off-ramping, in accordance with their needs.