As a seasoned crypto investor with years of experience navigating the digital asset landscape, I find Uphold’s expansion into self-custodial wallets and their new crypto off-ramp solution through Topper to be a significant development. Having dealt with limited off-ramp options in the past, especially with hardware wallets like Ledger, this move towards improving access to fiat through self-custodial wallets is long overdue.
In simple terms, the worldwide cryptocurrency broker, Uphold, is broadening its self-storage digital wallet features by introducing a fresh off-ramp crypto solution via its payment system, Topper.
As a crypto investor, I’m thrilled to share that Topper has now rolled out an off-ramp solution for over 230 cryptocurrencies, as they recently revealed to CryptoMoon on December 4th. This expansion in supported cryptos makes managing and cashing out my digital assets more convenient than ever!
The off-ramp tool is designed to improve access to crypto through self-custodial or non-custodial wallets, decentralized exchanges (DEXs) and Web3 projects.
Using a method called the direct-withdrawal system, individuals utilizing self-managed digital wallets such as MetaMask can easily sell their cryptocurrency holdings and instantly transfer the equivalent fiat currency to their linked debit cards.
Topper now supports the full self-custody cycle
In simpler terms, crypto entry and exit points, or ramps, are where you can trade regular money (fiat) for digital currencies like Bitcoin (BTC), helping to connect the world of cryptocurrency with traditional banking.
Although Topper offers integration with prominent hardware wallets like Ledger, it’s worth noting that these wallets have been linked to limited off-ramp solutions. As of September, Ledger, for instance, only provides a single method for off-ramps.
As a researcher, I’d rephrase that statement as follows: “In my role, I’m excited to share that Topper has expanded its services beyond merely processing digital payments. Now, it also facilitates seamless and adaptable off-ramps, empowering users to leave the digital economy at their convenience when they so choose.” This version maintains the essence of the original statement but is more personal and easier to read.
Self-custodied cryptocurrencies, unlike those held on centralized exchanges or third-party custody services, provide users with greater freedom to transfer their assets at will. This liberty eliminates several hassles while also placing an emphasis on the user’s duty to securely manage a private key for safekeeping.
How to sell self-custodied crypto with Topper?
Using Topper’s exit ramp service, individuals with self-managed digital wallets can visit TopperPay.com, where they can start a sell process, as per Robin O’Connell, the CEO of Uphold Enterprise, shared with CryptoMoon.
In his list of compatible wallets, O’Connell highlighted the XRP wallet known as Xaman. Furthermore, he explained that additional collaborators are currently working on incorporating Topper’s withdrawal function, which is expected to be activated in the near future.
“Among those partners are Ledger, Trezor, Changelly, Onramper, Meld and Vespr Wallet,” he added.
Users can pull out their digital assets using DEXs (Decentralized Exchanges) and self-managed wallets through blockchain, but not all of these platforms offer a straightforward method for converting these assets into traditional money (fiat) and quickly transferring it to your bank account immediately,” O’Connell explained. Furthermore, he noted:
“A regulated CEX typically has some level of ‘send to bank’ functionality. An unregulated DEX or a self-custodial wallet needs a regulated entity like Uphold to manage this aspect.”
KYC, restrictions and fees
In over 230 countries across the globe, including challenging areas such as Latin America, the Asia-Pacific, and Africa, O’Connell mentioned that Topper’s off-ramp solution will become accessible.
The CEO mentioned they use services like Visa Direct and Mastercard Send for immediate transfers straight to users’ linked debit cards, connected to their bank accounts. It’s worth noting that Topper swiftly converts cryptocurrencies into cash the moment they arrive in our digital wallets.
As a responsible crypto investor, I understand that it’s crucial for us to adhere to the reporting regulations in our operational jurisdictions. To guarantee this compliance, we might need to gather and authenticate personal information from users. This includes details such as their legal name, residential address, government-issued identification, date of birth, and any other necessary specifics as stipulated by the applicable rules.
Initially, Topper’s platform will impose a 1.75% charge per transaction when you exit (off-ramp), but there will be no fees for off-ramp transactions until December 22nd as an introductory offer. Additionally, O’Connell mentioned that the maximum daily withdrawal limit is set at $24,000.
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2024-12-04 18:08