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Peanut Introduces Innovative Self-Custodial Offramp System

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2 hours ago

Peanut has unveiled a beta version of its feature that enables users to cash out directly to bank accounts from cryptocurrencies, bypassing centralized exchanges.

A New Bridge Between Crypto and Fiat

This new beta feature creates an essential bridge between cryptocurrency and fiat. Users can cash out funds from any token on over 20 EVM chains directly in US Dollars or Euros to their bank accounts, bypassing the need for centralized exchanges or other custodied solutions. This is achieved by creating a bridge between blockchains and fiat payment networks like IBAN, BIC, or SWIFT.

Expanding Fund Transfer Opportunities

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 needing a wallet themselves. This innovation in crypto accessibility makes money transfer across platforms frictionless and user-friendly. Additionally, users of self-custodial wallets can now directly offramp into their bank accounts without using a centralized exchange. "Texting money is now possible," said Hugo Montenegro, co-founder of Peanut and a Harvard graduate.

About Peanut and Future Plans

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 using seamless payment links. 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. 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.

Peanut continues to innovate in the field of secure and accessible cryptocurrency transactions, offering users complete control over their digital assets without relying on centralized exchanges.

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