The Web3 SuperApp, Kresus, has just expanded its crypto cashout service to enable customers to withdraw funds of up to $100,000 into their bank accounts, without incurring any transaction fees.
The service, which is offered in collaboration with Coinflow Labs, is now accessible in all 50 states of the United States, establishing it as the most effective cashout option within its category, as per the latest information shared with Finbold on September 12.
Cryptocurrency holders have historically had challenges in converting their digital assets into fiat, mostly attributable to exorbitant fees, protracted processing durations, and restrictive withdrawal thresholds.
Kresus is now in the process of providing a no network charge off-ramping feature for USDC on certain blockchain networks.
Coinflow Labs CEO Daniel Lev stated:
“Partnering with Kresus, Coinflow empowers 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. We provide both a free offramp and an instant, 24/7/365 priority service.”
Kresus’ off-ramp service
The recent improvements made to Kresus’ off-ramp service have enabled customers to convert cryptocurrencies that are held across many blockchain networks into their desired fiat currency. This functionality encompasses prominent blockchain networks such as Polygon, Solana, and Ethereum.
This is especially advantageous for persons engaged in on-chain trade, whose assets are stored in online wallets that do not have a direct connection to fiat currencies. Due to the implementation of a single verification process, Kresus customers are able to conduct repeated withdrawals without the need of undergoing Know Your Customer (KYC) procedures for each transaction.
In addition to its cheap exchange rates, Kresus has emerged as the most efficient off-ramp option available in the industry.
In contrast to the prevalent practice among off-ramp services, Kresus adopts a cost-reducing approach by using on-chain infrastructure. This strategy eliminates the involvement of intermediaries and therefore prevents the transfer of associated expenses to the end user. Notably, Kresus refrains from taking any commission and does not impose any network charge.
The integration with Coinflow Labs enables Kresus to efficiently execute the majority of the cash-out process on the blockchain, while minimizing the involvement of middlemen. This practice serves to mitigate the inflation of fees and guarantees that individuals holding cryptocurrencies may optimize the monetary worth of their digital assets.