After 12 months in development, the Coast Fiat on-ramp is taking a major step today with the release of our Beta software allowing users to buy and sell USDC on Ethereum. We have successfully completed all on the regulatory and compliance requirements of our banking partner, Prime Trust. As a result, we are now able to accept customers in almost every jurisdiction across the United States.
The Beta has a deliberately-limited feature set. You will not find any trading (except between $USD and USDC), borrowing or lending services – just a simple way to buy USDC on Ethereum using a Debit/Credit Card, Wire or ACH Transfer and have it delivered to your external Ethereum wallet or stored in your Digital Account.
Coast is now able to accept customers in all US states with the temporary exception of:
The cost structure for using the Coast platform includes two separate fees:
Both of these fees along with the total cost are shown in the Buy / Sell summary area of the Buy and Sell page on the app. There is no fee associated with withdrawing USDC from your digital account to your external wallet (we cover the gas costs for you!).
The standard On/Off Ramp Fee charged by Coast is 4%. This can be reduced to as low as 1% by locking WAIT tokens in the Coast Locking contract (accessible through the app.) The more WAIT you lock, the lower your On/Off Ramp Fee according to the following table:
More good news, our banking partner has approved us to accept customers in the UK. We anticipate allowing UK customer registration as soon as Wednesday, June 21st. If a customer in the UK attempts to create a Coast account in the interim, you will be unable to complete the KYC requirements. But don’t worry, we’ll have full UK support very soon.
We are in the final stages of compliance checks that will allow Coast to support customers in Australia and Canada. It is expected that both these markets will be added during the Beta allowing users in both markets to buy USDC on Ethereum.
Beyond providing a way for users to buy USDC on Ethereum in new markets, we are working on two main verticals for expansion of the Coast platform:
These feature will require a unique tech stack, flow of fund, compliance review and legal opinions before we can release them. We are working on both features simultaneously and will provide additional updates here as they become available.