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Coast’s Fiat onramp to PulseChain has taken another major step forward today with the release of our Phase 2 feature set. Below is a brief synopsis of the new features:
The Coast platform is now available in 23 new markets including:
We have taken the decision to step back from processing payments on the Coast app. At first, this might sound counter intuitive. We’re an onramp that doesn’t process payments? How does that work? Well…
Remember that when you use your Coast account, you are transferring money from your external bank account to your trust account in Nevada (managed by Fortress Trust). At no point does Coast custody your Fiat or cryptocurrency. We are outside the flow of funds between you and PulseChain. But this comes with limitations.
In particular, it requires that we not operate local business entities in global markets. And this means we do not have the ability to provide local bank to bank transfers e.g. iPay in Australia or eTransfer in Canada and we can’t accept debit or credit card payments.
The temporary solution is simple. We are encouraging Coast users to use a global payments provider like Wise.com or Revolut.com. Here are some of the benefits that this will convey:
We are still exploring options to provide bank integration and credit/debit card payment options. But best-case scenario, these will be either a Phase 3 or Phase 4 feature.
Now that Coast has 4 weeks of successful operations with a very limited number of potentially fraudulent transactions, we have been approved to change our risk model for ACH payments. If you have previously seen an “ACH risk too high” message on the Deposit Cash draw, we encourage you to try this feature again. It’s very likely that your transaction will go through seamlessly.
We have added the ability to fund your digital account with three Ethereum -based stablecoins: USDC, USDT, and Dai. The standard deposit fee for doing this is 1% (100 bps). But this can be reduced to as low as 0.25% (25 bps) by locking eWAIT using the same interface as is used to reduce Mint/Burn fees for CST on PulseChain.
Our rationale for developing this feature was two fold:
We have added the ability to manually enter bank details for ACH withdrawals. This means that international users will now be able to use the US ACH system to transfer fiat out of their digital account to services like Wise and Revolut. By doing this, you will be able to eliminate international wires fees that have prevented efficient $CST arbitrage.
You can now swap your $CST for any other PulseChain asset without leaving the Coast app. The new swap page features provides the most cost-effective way to buy PLS. Thanks to the team at Piteas.io the swap feature will route your order across multiple liquidity sources, giving you the best order execution and the most PLS at the end of your trade.
The fees page now gives you the ability to lock WAIT on PulseChain to receive discounts when Minting / Burning $CST (remember you must be connected to PulseChain for this). But you may now also lock eWAIT on Ethereum to receive discounts on stablecoin deposits to your Coast digital account. A complete fee structure is outlined below.
4% for 0 locked WAIT
3% for 1K locked WAIT
2% for 10K locked WAIT
1% for 100K locked WAIT
1% for 0 locked eWAIT
0.75% for 1K locked eWAIT
0.5% for 10K locked eWAIT
0.25% for 100K locked eWAIT
There is a $3 service charge on all deposits including ACH, Wire and Stbalecoin deposits. Further you will now find links to Uniswap and PulseX if you would like to purchase WAIT on PulseChain or eWAIT on Ethereum for use on the fees page.
We have received multiple requests to release $CST on Ethereum. If we were ever to do this, eWAIT would be used to provide similar discounts on Minting and Burning as WAIT on PulseChain.
Our Phase 2 product introduces a full analytics page that shows important figures including live proof of reserves in the $CST collateral account. But also:
We would like to thank everyone who has been using the Coast referral program for your patience while we expand this feature. Remember, when a new Coast user registers for an account and completes a Mint/Burn transaction, this entitles both the referrer and the referee to 5,000 WAIT on PulseChain.
At the bottom of the referrals page, you will now find a form entry asking for your PulseChain address. We intend to begin paying out referrals early next week. So if you have been promoting your referral link or if you were referred to us by a friend, please don’t forget to add your PulseChain wallet on this page so we can get you your free WAIT tokens.
Before we go and to answer the most obvious question, YES there is a phase 3 rollout planned. Some things we are working on for that product release include:
