A Note on KYC:
Financial institutions need to comply with KYC rules/regulations in order to operate. We believe in a future where traditional banking isn't required and #DeFi increases its reach. The reality is that we aren't in that position yet.
When using our FIAT ONRAMP that can support large amounts of economic energy, you are creating a digital account with our banking partner, so you need to perform KYC. We just make it really easy.
(If you want to onramp $100 with no KYC, there are other products out there)
We interviewed and performed due diligence on multiple KYC providers, but ultimately our banking partner (like many many other institutions) uses Socure. They also allows us to easily onboard new countries/markets to the $HEX and #PulseChain community.
The KYC process will be simple and quick. You:
*Receive a link from Socure
*Open link in browser
*Allow camera
*Browser captures image of front & back of ID (Drivers licence typically)
*Browser captures picture of your face
*The country you are in (location)
This takes <1min
This creates a socure ID (digitally) and allows our banking partner to confirm this matches your registration details. The stats suggest >98% of customers should be verified in ~2min, with user error (such as mis-spelling causing mis-match on registration form being most common)
Socure will allow a seamless and easy experience for users, and will allow us to efficiently add more countries to our user base.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Our goal is to make it easy for economic energy to flow into $HEX and #PulseChain across the world 🌎
But let me explain the process.
We are not a money transmitter, as we sit outside the flow of funds at all times (see below).
There is of course a money transmitter, and that is our banking partner, and they have MTLs that allow them to accept customers across the globe (and almost all states in the US - a little tricky with NY, SD and HI)
🚨FIAT ONRAMP UPDATE🚨
The platform fees will NOT apply when moving capital from on-chain back to your digital account. So you can de-risk/off-ramp with essentially zero fee.
If you convert assets within your digital account (as we add assets able to be stored here) there will be a 0.1% trading fee.
Platform fees will only occur when moving economic energy from your digital account to your personal bank account.
The fee structure is 1-4%
There is a staking feature that currently allows you to lock $HEX trustlessly, and reduce your fees to 1% based on about locked.
This is a thread of FAQs and info on the $WAIT free claim process. With #PulseChain getting close and our FIAT ONRAMP closer, we need to focus, so we will no longer be doing individual support for the free claimers. Be careful of DMs, it won't be us.
Use !commands in our TG t.me/Coast0x there is plenty of information. And the entire $HEX community is very DeFi aware - use the knowledge of those around you.
Many ask us about gas fees to claim. There are 3 transactions that require gas in the $WAIT free claim. We don't control the cost of gas/computation on #Ethereum but remember that high fees are the reason for #PulseChain. List of steps below: