The Beta Release of our FIAT ONRAMP will go live within the next week. It will be a functioning onramp to Ethereum using $USDC. We are inviting people to sign up to help test the user interface and product before we release it on PulseChain.
To help users better understand the product rollout and market availability, we conducted a Twitter Space on Wednesday, March 24th, 2022 through our official Twitter account @0xcoast. The space was attended LIVE by over 500 people which speaks volumes about the interest in a functional fiat onramp to PulseChain. The full replay of the Twitter space is embedded below.
We are pleased to announce that our banking partner for the Coast fiat on-ramp is Prime Trust, a trust company based in Nevada, USA. Having a banking partner that provides payment rails as well as digital custody services means that our product offering is more robust than a simple fiat on-ramp to pulsechain.
Partnering with Prime Trust will allow Coast to provide:
Coast is about to complete our Alpha testing phase with Prime Trust. Thereafter, we will move to a full production environment for our Beta test. At launch, the Beta test will only be accessible to users in the United States. But in the background we have been working hard with our legal team to add services for users in the UK, Canada and Australia.
We expect to add support for these countries during the Beta testing phase. A full list of markets where we intend to operate is available online and updated as we move through the various compliance steps in each jurisdiction.
It has been incredibly challenging to design a fiat on ramp that did not require us to be part of the Flow of Funds between a user’s bank account and their self-custodial wallet. But this design parameter is an essential component of our case to regulators that we are NOT a money transmitter and instead operate as a tech layer.
Coast does not charge exchange fees for users to swap between Fiat and digital assets. Prime Trust does charge a small fee (0.10%) for this service which is passed on directly to the user without markup. Instead, Coast charges a flat 4% on ramp and off ramp fee when a user moves fiat into or out of their digital account.
This on/off ramp fee can be reduced by locking WAIT V2 on Ethereum in the dApp. While the exact locking totals to achieve these discounts are subject to change, the Beta will utilize the following structure for reducing fees: