Mooni is a simple solution to cash out cryptocurrencies in fiat to a bank account, without KYC.

Mooni, quickly convert crypto to fiat

The year of usability

In 2019, blockchain space saw huge increase of popularity and product quality, with strong focus on usability, notably in the field of decentralized finance (DeFi) and decentralized applications (dApps).

After years of experimentation, we finally see user-friendly applications appearing, which do not requires users to be blockchain experts to use them.

Marketplaces

Among this applications, a part of them are marketplaces where users can sell goods or services, generate revenue online, from anywhere in the world and without the need of middlemen. We can cite projects like Ethlance, where freelance developers can work in exchange of Ethers, Gitcoin, which helps growing open source by allowing anyone to fund or work on bounties, and Origin Marketplace where people can sell goods.

The problem is that in 2020, it is still hard to buy food at the supermarket or pay bills with cryptocurrencies. We believe it is still a real problem for a massive user adoption of cryptos, and for these marketplaces, which people are afraid to use because they think they don’t have a way out and that they will be locked in the system if they earn digital money on them.

The only solution that exists today to exit from crypto is registering and verifying identity to a centralized professional exchange, which is a long and cumbersome process for most people, or use simpler interfaces at higher prices. Some cryptobanks also exists and offer the opportunity to spend cryptocurrencies with a debit card, at also higher prices, and both solutions requires holding funds in custodian and centralized services.

The simplest crypto off ramp

Mooni is a simple web application that allows anyone to transfer money from a cryptocurrency wallet to a bank account, in less than 2 minutes, without having to verify identity, with very low fees.

It is meant to be used by end users holding crypto, but also to be integrated in decentralized marketplaces, to help people spend the money they earn.

Such a solution would reduces friction, accelerate adoption and lead conversion, as it would reassure potential users that they could enjoy in real life the revenue they earn online, not only by buying cryptokitties.

Mooni does not requires to sign up, neither to verify identity. Users just need a crypto wallet and a bank account. Personal information can be stored in a private and encrypted storage, so that it can be remember for a latter use. Our service is also decentralized, that is to say that we don’t have any server and no data ever reaches us.

And the cherry on the cake, Mooni accepts Bitcoin, Ether and any ERC20 token !

Behind the scene

A KYC-less crypto off ramp ? What is the magic behind this ?

Fiat gateway

The conversion between crypto and fiat is executed via Bity, which is a well-established Swiss exchange. They have done an incredible work in term of regulations, which opens up a new range of possibilities. We are just addressing a specific use case and only implementing an UI on top of their service, which can be used without requiring to verify identity through a KYC process, and allow up to 5,000 CHF (~$5,070) per day of transfer. Furthermore, prices are fixed for 10 minutes when the order is placed, and guaranteed to execute when transaction is confirmed, which means that funds are only held by a third party for a very short time.

At the time of writing, only EUR and CHF can be used as fiat currencies.

Frontend integration

For marketplaces buidlers, we provide a Javascript SDK that can be integrated into any web application in just two lines of code, that opens the Mooni app, when the users wants to. Integration guide is available on GitHub.

Marketplace integration demo

Accepted currencies

ETH and BTC are natively accepted by Bity. When users wants to deposit ERC20 tokens, we first convert them to ETH through a decentralized liquidity provider (currently Uniswap) and send them to Bity, in just one transaction. We accept most common Web3 wallets (Metamask, WalletConnect, Portis, Ledger, Trust Wallet, Gnosis Safe…)

Private storage

Most of us can’t remember our bank account number, so it’s easier if it can be stored for the next time, if the users wants to. For that, we use 3Box which provides a SDK which gives access to a decentralized, private and encrypted storage, unlocked with an Ethereum account.