Kyberswap crypto exchange becomes the first non-custodial cryptocurrency exchange to release its fiat-to-crypto gateway on the mainnet.
The Ethereum blockchain-powered cryptocurrency exchange that does not offer asset custody services and operates under Kyber Networks has been the very first of its kind to roll out the fiat-to-crypto- feature on their network.
Kyberswap crypto exchange teamed up with Coindirect
In a report, Kyberswap crypto exchange’s partnership with Coinderect, a MakerDAO- backed cryptocurrency startup, was the reason which led to this project manifesting itself into a reality. Kyberswap users won’t have to worry about problems as not being able to purchase cryptocurrencies with fiat anymore because the gateway is meant to alleviate the consumers from this headache.
In conclusion to fiat, Mastercard and Visa credit and debit cards can also be used to buy cryptocurrency from the Kyberswap exchange. Other Ether based coins and the ERC-20 tokens are among the list of the cryptocurrencies that can be had via fiat from the exchange.
Kyberswap crypto exchange gained support for DEX token variants when the cryptocurrency exchange Binance stepped in to team up with the Kyber Network reached a deal where Trust Wallet, the wallet from Binance, would be enabling Kyber Networks to support DEX. While the Kyber Network supports more than seventy (70) tokens, including DAI, USDC, TUSD, USDT, MKR, LINK, KNC, and WBTC (wrapped bitcoin- the Ethereum variant of Bitcoin, which is 1:1 backed by the original Bitcoin (BTC)).
A direct approach
He head of product at Kyberswap, Sunny Jain saw an opening in the clouds. He found a major reason for rejection that cryptocurrency had been facing. The reason he has given is quite a simple one and according to him, not many people are easily able to acquire cryptocurrency. The hassle of buying a token only to realize that the exchange wouldn’t allow it to be turned to fiat is an exhausting predicament. Sunny saw an opportunity with Coindirect by their side. He took it and thus Kyberswap has become the first non- custodial cryptocurrency exchange to have the fiat-to-crypto option to it.