Published
7 months ago on
September 12, 2023
Kresus and Coinflow Labs introduce a USDC off-ramp service, offering crypto conversions with no associated fees.
In an effort to address the challenges of off-ramp fees, Kresus’s “SuperApp” crypto wallet announces its partnership with Coinflow Labs, a blockchain infrastructure company.
This partnership is set to refine the USDC conversion experience, focusing on eliminating the fees typically associated with such processes.
The world of cryptocurrency has long been fraught with complexities when transitioning from digital assets to traditional fiat. Users often see excessive fees and prolonged processing times and withdrawal limits.
The latest service from Kresus seeks to address these concerns. Users can now execute USDC trades on major platforms including Polygon, Solana and Ethereum, free from standard network costs. After initial verification, the system will not require recurring KYC requirements, a change that is set to improve how users repeat transactions.
Choosing to innovate beyond the traditional off-ramp model, Kresus utilizes Coinflow Labs' blockchain technology, ensuring most transactional activities are conducted on-chain. But, by leveraging Coinflow Labs’ on-chain technology, Kresus simplifies the process, eliminating redundant intermediaries:
“This prevents fees from becoming bloated and ensures that crypto holders can maximize the dollar value of their digital assets.”
Coinflow Labs’ CEO, Daniel Lev, provided insights on this partnership: “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:”
“Partnering with Kresus, Coinflow empowers users to seamlessly move liquid crypto directly from their self-custody wallets.”
Given the rising popularity of self-custody wallets following issues with centralized exchanges, such as the FTX incident, there's been a marked shift towards these more secure wallets. Platforms such as MetaMask are working toward this need for greater accessibility.
Within this framework, entities like MoonPay and Transact have started simplifying the off-ramp experience for users, especially for conversions like ETH. MoonPay, in particular, swiftly processes exchange rates for off-ramping, ensuring that users receive their funds in their bank accounts in record time.
However, a breakdown of a MetaMask and MoonPay transaction overlooked the fees: sending 0.05 ETH transaction means that 8% of the total was absorbed by fees — spending 0.00021 ETH on gas.
These findings show that solutions like the one launched by Kresus and Coinflow Labs need to not only simplify transactions but also provide “that the solution is smooth and cheap enough for the average user,” meaning no fees.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
