Wyre’s cashingout.me instantly turns crypto donations to cash, and deposits to bank accounts

www.cryptoninjas.net 2019-12-07 06:00
Reading time: ~2 m

Wyre, a blockchain payment company, just launched a new solution for content creators to accept crypto. Cashingout.me links bank accounts with a blockchain address, and lets anyone convert crypto donations into cash.

“Recently, when PayPal recently announced they were going to no longer work with PornHub we saw an opportunity to leverage our infrastructure to allow the models an easy way to get the money they earned.” – The Wyre team

Requirements set up Wyre’s Cashingout.me

In order to set up ACH deposits, one needs to be a U.S. resident and have a U.S. bank account.

Simply head over to cashingout.me and type in your first, last name, and e-mail address and your phone number. After that is done, they will take some time to set up your account and then allow you to connect a bank account.

Wyre will then attach a blockchain address to the chosen bank account. In order to make payments seem more accessible, they allow you to create an address that replaces the series of numbers and letters in your blockchain address.

This is possible because of Ethereum Name Service, which is compatible with the Ethereum Network and ties your ETH blockchain address to whatever name you make up.

Because this feature is unique to the Ethereum Network, they are only able to accept DAI, USDC, and ETH right now.

How fans can send crypto to your Cashingout.me address

Since the Ethereum Name Service only works with Ethereum addresses, they will need some sort of Ethereum wallet. MetaMask and MyEtherWallet are popular and easy to set up, but as long as the wallet is ERC-20 compatible, it should work fine.

Content creators will want to post their address in their descriptions or on-screen like how Fortnite streamers promote their creator codes. As long as fans know what your code is and have an Ethereum wallet to send funds from, they will be able to donate to you.

Each transaction is charged 0.75% as a service fee, but Sendwyre claims this is much cheaper than PayPal and other alternatives.

Cashingout.me is an addition to a series of Sendwyre innovations

This isn’t the first time Wyre has innovated in the crypto payments space. A few months ago, they set up a crypto onboarding platform where U.S. citizens could purchase various assets using only Apple and Google Pay.

Wyre has also teamed up with Telegram to include a button on their app that allows users to purchase crypto.