Peanut has announced the launch of a beta version of the world's first decentralized offramp platform, enabling users to cash out tokens from over 20 EVM chains directly to their bank accounts. The new feature will initially be available in the EU and US.

New Offramp Feature by Peanut

The beta version of Peanut's offramp platform allows users to convert cryptocurrency to fiat currencies such as USD and EUR without the involvement of centralized exchanges. Users can send funds in text messages via messengers like WhatsApp and Telegram, and recipients can directly transfer received funds to their bank accounts.

How Decentralized Offramps Work

Peanut facilitates transfers by bridging blockchain networks with fiat payment networks, including IBAN, BIC, and SWIFT. This feature allows users to directly off-ramp funds from crypto wallets, significantly simplifying the integration of cryptocurrencies into everyday financial operations.

Advantages and Prospects of Peanut Protocol

Peanut is at the forefront of transforming crypto payments with its decentralized protocol. Users can easily send, receive, swap across chains, and off-ramp funds to fiat currencies. The platform offers high security with smart contracts protecting funds only released via a private link. Peanut plans to expand onto other blockchains like Bitcoin and Solana.

With new functionalities, Peanut aims to make crypto usage intuitive and accessible to a wide range of users, offering simplicity, security, and flexibility in financial operations.