Surf Profile picture
Dec 12 19 tweets 15 min read
People have been calling out @kucoincom and @cryptocom to be next CEX downfall. Trust in CEXes has hit all-time lows and CEX outflows have hit highs.

Here's a thread on how you can on/off-ramp without CEXes🧵 ->
1/17
Traditionally, you had 2 options:
(1) CEX
(2) Non-CEX

With the risk of CEXes being a ticking timebomb, we'll focus on non-CEX on-ramping
2/17
MoonPay 🌖

@moonpay enables users to purchase #stablecoins (TRC & ERC20), #BTC, #ETH (Arb, Op, Polygon, zkSync) and a bunch of other Altcoins using various payment methods.

The following are countries not supported for on-ramping: tinyurl.com/Moonpay-support
3/17
The crypto purchased will be directly credited to your non-custodial wallet.

⚠ BUT

Customers have had their Bank accounts frozen or are blocking MoonPay transactions because they are crypto-related(reddit.com/r/SafeMoon/com…)

Here's a way to potentially get around that:
4/17
Personally, I've been using Prepaid Virtual Debit Cards without much friction.

Revolut has the function to create single-use disposable prepaid virtual cards.

It's essentially a burner card (ie. use and dump) and are not traceable
5/17
Off-ramping with MoonPay is slightly more difficult since they don't support a lot of countries.

Link to unsupported countries: support.moonpay.com/hc/en-gb/artic…
6/17
Off-ramping with MoonPay can only be done to a bank account. Revolut can also be used to facilitate off-ramping since they are essentially a digibank.
7/17
Ramp 🗻

@RampNetwork is another non-CEX fiat to crypto On/Off-ramping solution. They offer stablecoins, BTC, altcoins, similarly on vaious chains.
8/17
On-ramping can be done in a similar way through Revolut since banks may reject crypto-related transactions.
9/17
Ramp's off-ramp integration with projects is currently still being built.

But from what I understand, their retail off-ramp is only available in the US, as outlined in this blog posted by them: blog.ramp.network/off-ramp-is-li…
10/17
Paxos 📀

@PaxosGlobal is another option for On/Off-ramping without CEXes. They are different from MoonPay and Ramp as Paxos is a regulated custodian stablecoin issuer.

Paxos powers 3 USD-backed stablecoins - Paxos Dollar ($USDP), $BUSD and Huobi USD ($HUSD)
11/17
The minting process is similar to that of #USDT or #USDC.
1) Send USD to Paxos' bank accout
2) Paxos mints the stablecoins
3) Paxos holds your USD 1:1 to the amount of stablecoins minted.
4) When you redeem USD, the stablecoins are burned.
12/17
Paxos holds USD reserves in FDIC-insured bank acounts and they are heavily regulated by NYSDFS.

AML/KYC processes are stringent and needs to be done before you are allowed to mint Paxos-issued stablecoins (the KYC process is a pain in the ass)
13/17
P2P 👬

P2Ps are a great decentralized on/off-ramping option, but are custodial options as these services are mostly offered of exchanges.

Yes. I realized this thread is about non-CEX on/off-ramping solutions. But P2P might be the only decentralized fiat-to-crypto method.
14/17
The best part about this solution is that it's relatively cheap or even free.

Just ensure that you withdraw your crypto into a non-custodial wallet right after you receive it.
15/17
Some pretty good options for P2P:
@okx @binance @HuobiGlobal @Bybit_Official

If you're looking to dodge the KYC, Huobi allows for KYC-less P2P transactions, but there will be a limit to how much you can deposit.
16/17
I hope you've found this thread helpful. If so, please leave a ♥ and RT 🙏

Follow me @0xsurferboy for more insightful threads.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Surf

Surf Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @0xsurferboy

Dec 12
1/31 Telegram's $TON has been outperforming $ETH yet nobody on CT is talking about it... So here you go!

Telegram has been quietly developing the @ton_blockchain ecosystem💎

🧵Here's a DEEP DIVE on Telegram's positioning in Defi and what I think their strategy is -> Image
2/31
Messaging apps are a part of people's daily lives and many are now looking to integrate with payment solutions to offer more convenience, becoming superapps

Superapps provide multiple services for personal and commercial use - think a swiss-army knife. Image
3/31
Particularly in Asia, superapps are dominating the tech space - WeChat, Line, Gojek, Kakao...

However, regulations overseeing superapps are very strict, especially when payment data is involved
(US: Federal Reserve, EU: PSD2, APAC: PS Act)

But Telegram is dodging that.. Image
Read 33 tweets
Dec 12
Telegram's Wallet Bot and Cryptobot 🤖

Here's how they are lowering barriers to crypto

A thread🧵->
1/n
Traditionally, crypto wallets can be a hassle and have a high barrier to entry for the general public. Image
2/n
Some reasons include:

1. Complexity -

New users find it difficult to navigate the UI, generate and manage addresses, and securely store and transfer their assets.
Read 18 tweets
Nov 22
Why has @defichain's dUSD been DEPEGGED for more than 5 months?

1/19 🧵 on the Top10 TVL chain that CT doesn't talk about
2/19
Defichain was created by Julian Hosp and partnered with his company, CakeDeFi.

With Hosp's history in TenX and Lyoness, many have wondered if this is the next Cefi rugpull.

Interestingly, CakeDefi is compared to other defunct lenders on their own website. Up to 23.9% APY!
3/19
For a chain that's called "Defi"chain, its TVL seems overly reliant on just two Dapps. Even His Excellency's Tron has 10.
Read 20 tweets
Nov 21
Why @Grayscale is unlikely to be a scam, despite the FUD revolving CT:

1. There is SEC supervision and audits every quarter. The audit of #Grayscale is way too simple, hence difficult to fake.
2. The probability of #Coinbase cooperating with fraud and presenting a false asset certificate to #Grayscale is very low.
3. If #Grayscale is fraudulent, #Coinbase should have the obligation to actively disclose or report directly to the regulatory agency at this time, otherwise it will be in default.
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(