Peanut Protocol releases instant offramp

Peanut launches the first self-custodial offramp, allowing
users to directly cash out any token on 20+ EVM chains to their bank
accounts—without relying on centralized exchanges. This beta feature is being
rolled out in the EU and US first.

This new beta feature creates an important bridge between
crypto and fiat. Users can cash out funds from any token on 20+ EVM chains
directly in US Dollars or Euros to their bank account. This works by creating a
bridge between the blockchains and fiat payments networks like IBAN, BIC, or
SWIFT.

Peanut’s key feature is texting funds using QR codes or
messengers such as WhatsApp, Telegram, email etc. With the self-custodial
offramp, recipients can now transfer their funds directly to their bank account
without the need to have a wallet themselves. This breakthrough in crypto
accessibility makes transferring money across platforms frictionless and
user-friendly. In addition to texting funds without worrying whether the
recipient uses crypto or fiat, users of self-custodial wallets can now directly
offramp into their bank account without using a CEX.

“Texting money is now possible,” said Hugo Montenegro,
co-founder of Peanut and a Harvard graduate. “This is a major step toward
simplifying crypto for everyday use, meaning you can send stablecoins through
channels like WhatsApp, Telegram, Email etc.”

For the beta launch of this new feature, Peanut Protocol
will give each user the first 5 transactions for free. Afterwards, a small fee
will apply. The minimum cashout amount is $10.

About Peanut

Peanut is at the forefront of transforming crypto payments
with its innovative fully decentralized self-custodial protocol – Peanut
Protocol. It enables seamless, cross-chain and offramping transactions. The
platform allows users to easily send, receive, cross-chain swap and offramp
funds to fiat currencies, making crypto more accessible than ever. Peanut’s
unique secret-protected vault smart contracts provide top-tier security,
ensuring that funds are only released when a private link is shared by the sender.
“Anyone can now send funds seamlessly,” said Derek, CTO of Reown.

With support for over 20 blockchain networks and plans to
expand to Bitcoin and Solana, Peanut Protocol is committed to simplifying the
crypto experience for everyone. As a non-custodial, permissionless solution,
Peanut empowers users with full control of their digital assets. Leading
blockchain projects such as Blockscout, WalletConnect, and Clave Wallet are
already leveraging Peanut’s technology to enhance their user experience. For
more information, visit https://peanut.to/.

This article was written by FL Contributors at www.forexlive.com.