Now, in a Matter of Minutes, You Can Purchase Crypto Straight From Your Bank Account
Cryptocurrency Enthusiast - Max
A new process allows nuclear exchanges between fiat and crypto—allowing digital assets to be purchased instantly from a bank account within moments.
An open source blockchain technology initiative has released a smart contract that allows nuclear exchanges between fiat and crypto.
Nimiq claims the OASIS protocol ensures that anyone who is new to the crypto community can build a self-custodial wallet and purchase NIM and Bitcoin (BTC) straight from their bank account in just 5 minutes. No registration or installation is needed. Support for other cryptocurrencies, like the ability to buy Ether and Litecoin, is expected to follow in the future.
The system was launched with the crystal-clear purpose of making crypto accessible and open to everyone with this new functionality in the works for two years. As per Nimiq, the friction involved with buying and selling Bitcoin and other digital assets has held back the acceptance of cryptocurrencies thus far.
While OASIS is still in the open beta stage, the project states that consumers have no chance of losing their funds—meaning that the software is entirely secure. Although usability is primarily focused on buying crypto, users will be granted the right to also sell cryptocurrency in the upcoming days.
Nimiq argues that an agreement with Germany's TEN31 Bank ensures that OASIS supports deposits made using euros from any bank account that has SEPA Instant features. However, the project's not yet underway with preparations to merge with the Costa Rican payment provider when it begins to make inroads into Latin America. In the final analysis, the aim of the Nimiq team is to expand OASIS to any big currency.
Initially, deposits are capped to $500 (approximately EUR 400)—a gross limit of $1,000 (approximately EUR 800) on a 30-day basis. It is expected that these caps will be raised in the not-too-distant future. Through a verified account on BC Bitcoin, we can facilitate much larger trades.
Nimiq stated that while endorsing greater swaps is definitely on the agenda, they agreed that the existing limits would still allow most people to engage.
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