We are proud to unveil the integration of our proprietary fiat on- and off-ramp service, which now allows you to both buy and sell crypto using fiat money.
By connecting your existing bank account to Changex, you can now seamlessly sell several tokens for fiat money (EUR) and receive the proceeds straight to your bank, all from the comfort and security of a DeFi wallet.
This integration marks a significant milestone for Changex and decentralized finance (DeFi) as a whole, bringing us closer to a true CeDeFi model: centralized elements like fiat operations inside a fully decentralized crypto wallet.
Changex is one step closer to fusing the convenience of centralized exchanges (CEX) with the power of decentralized wallets, bridging the gap between traditional finance and the world of DeFi.
The implementation is also an important achievement in the push for an accessible, fast, and intuitive crypto experience, which allows anyone to make use of the new digital economy.
Brought to you by the latest Changex app update, the fiat on- and off-ramp is fully operational and awaiting its first transactions.
Update your app to enjoy the full power of our fiat ramp
What can you do with Changex’s fiat on- and off-ramp?
Sell Crypto, Receive Fiat
Changex’s new fiat ramp service offers unprecedented freedom to the DeFi community.
You can now effortlessly connect your existing bank account to the Changex DeFi wallet and sell your cryptocurrencies for fiat currency.
This streamlined process eliminates the need for app-switching, costly transfers, and other extra steps, ensuring a hassle-free experience. You no longer have to move your crypto to a CEX in order to sell it and send your money to your bank account.
Currently, three cryptocurrencies can be sold to fiat: ETH, USDT, and USDC, and we’re working on adding CHANGE, HYDRA, and BTC to the list.
The proceeds from the sell transaction in Changex are deposited directly into your chosen bank account, providing a CEX-like functionality within a fully decentralized DeFi wallet.
Buy Crypto with Fiat
Initially, the fiat ramp service supports the purchase of HYDRA, CHANGE, BTC, ETH, USDT, and USDC, with plans to gradually expand the selection to include more cryptocurrencies.
This feature opens up new avenues for users to enter the crypto market, as they can conveniently acquire digital assets using their fiat currency through the Changex app, while staying completely decentralized.
Bank Transfers Supported (Updated on 29 Aug)
Currently, the fiat ramp service supports bank transfers exclusively. However, we are actively working on introducing bank card purchases in the near future, providing you with even greater flexibility and convenience when buying and selling cryptocurrencies.
EUR Transactions and Future USD Support
Presently, Changex’s fiat ramp service supports transactions in EUR. However, we have plans to introduce USD support, further enhancing accessibility and convenience for all users. This expansion will cater to a broader international audience, enabling seamless transactions in multiple fiat currencies.
Rates and CHANGE Stakers
While we are working on implementing a tier-based system with preferential rates for CHANGE stakers, the current rate structure for the ramp operations will remain the same for all users.
In time, CHANGE stakers will be able to benefit from better buy/sell rates in the app on a “the more, the merrier” basis, so stay tuned on this one!
For now, this is how rates are determined:
- The rate at which orders are executed for all initial pairs is set to 2%. This might be changed occasionally, depending on the cryptocurrency, market depth, volatility, and other factors. It can be either higher or lower.
- The rate at which the orders are executed is always the rate at the time payment is received, not when the order has been made. This means that, for sell orders, as soon as a transaction reaches the blockchain mempool (that’s the queue for still unconfirmed transactions on the blockchain), the status of the order will be changed to “Paid”, locking in the rate. For buy orders, the rate will be calculated at the time when the bank transfer arrives to Changex. Keep in mind that bank transfers are not received immediately and in some cases the rate might change between the time you make the order and when we receive the payment. If the rate has gone down, you will receive more crypto than the initial amount. If the rate has gone up, you will receive less crypto than what was initially indicated.
Changex’s fiat ramp service allows you to effortlessly buy and sell cryptocurrencies using fiat currency directly within the Changex app.
The introduction of a proprietary fiat on- and off-ramp service marks an exciting leap forward for the DeFi landscape. By combining the flexibility and power of decentralized wallets with the convenience of traditional finance, Changex bridges the gap between custodial services and DeFi ever further.
As we continue to expand our offerings and introduce new features, the future of decentralized finance looks brighter than ever.
Follow us for more news and exciting developments,
Team Changex 💖