Peanut Introduces Innovative Instant Offramp Beta
Peanut has launched a groundbreaking beta of its self-custodial offramp, which allows users to cash out tokens directly into their bank accounts without the need for centralized exchanges. This exciting feature is currently being rolled out primarily in the EU and the US, marking an important advancement in the realm of cryptocurrency.
Seamless Cash Out Options for Users
This new offramp feature plays a crucial role in bridging the gap between the crypto and fiat worlds. Users can now cash out from any token across more than 20 EVM chains seamlessly in either US Dollars or Euros directly into their bank accounts. This innovation eliminates the cumbersome process of using centralized exchanges (CEXes), providing a more efficient way to access funds.
A New Era of Flexibility and Convenience
The unique aspect of Peanut’s offering is the ability to send funds through popular messaging platforms such as WhatsApp and Telegram, even allowing users to use QR codes for transactions. This means recipients can receive money directly into their bank accounts, regardless of whether they have their own cryptocurrency wallets.
User-Friendly Experience
“Texting money is now possible,” expressed Hugo Montenegro, co-founder of Peanut. He emphasizes how this feature can simplify everyday crypto transactions, enabling users to send stablecoins effortlessly through apps they’re already familiar with. It’s a transformative step for everyday users and freelancers alike who frequently transact in crypto.
Affordability and Accessibility
Peanut is rolling out this beta with an accessible fee structure — a flat rate of $1 plus 0.25% of the cash out amount, with a minimum cashout set at $10. This pricing model makes it easier for users to engage with cryptocurrency without substantial financial barriers.
Understanding Peanut's Commitment to Decentralization
Peanut stands at the forefront of the crypto payments landscape with its self-custodial protocol, known as Peanut Protocol. This innovative platform enables users to perform various operations such as sending, receiving, and converting tokens into fiat currencies seamlessly. It aims to provide enhanced accessibility to cryptocurrency, ensuring that it is user-friendly for everyone.
Next Steps in Expansion
The Peanut Protocol supports over 20 blockchain networks, with future plans including integration with both Bitcoin and Solana. This commitment showcases Peanut's dedication to broadening the crypto experience, giving users complete control over their assets without relying on custodial services.
Endorsements from Industry Leaders
Notable blockchain projects, including Blockscout, WalletConnect, and Clave Wallet, are already utilizing Peanut’s technology to elevate their user experience, proving that Peanut’s solutions are both innovative and impactful in the industry.
Contact and Additional Information
If you're interested in learning more about Peanut and its offerings, you can reach out via email or visit their website. For further inquiries, contact
Co-Founder Konrad Urban, Squirrel Labs, press@peanut.toFrequently Asked Questions
What is the key function of Peanut's instant offramp?
Peanut's instant offramp allows users to cash out directly from cryptocurrencies into their bank accounts without using centralized exchanges.
In which regions is the beta feature currently available?
This beta feature is being rolled out in the EU and the US initially.
What fees apply for cashing out using Peanut's system?
Users are charged a $1 flat fee plus 0.25% of the cashout amount, with a minimum cashout of $10.
How does Peanut ensure security for users?
Peanut uses secret-protected vault smart contracts, releasing funds only when a private link is shared by the sender, ensuring strong security for transactions.
What cryptocurrency platforms does Peanut currently support?
Peanut currently supports over 20 blockchain networks and has plans to integrate with Bitcoin and Solana in the future.
