Opening the Doors for Everyday Users

ICONOMI Fiat Gateway

Opening the Doors for Everyday Users

One of our goals for 2018 was to open the door to mass adoption by introducing a fiat ramp-up service on our platform. Today, we are excited to announce the release of the first stage of the fiat ramp-up: over-the-counter (OTC) deals.

This gives ICONOMI users everything they need to enter the crypto-economy in one place: purchasing and selling bitcoin and ether with fiat, and diversifying their digital portfolio through baskets of cryptocurrencies (Digital Asset Arrays).

Introducing Fiat Deposits and Withdrawals

For Users

In an OTC trade, eligible users can make a deal with ICONOMI to purchase a certain amount of bitcoin or ether, pay using their bank account, and receive their bitcoin or ether directly to their ICONOMI account.

As communicated in our Q1 2018 Financial Report, we will be releasing the fiat ramp-up in several stages. During the first stage, fiat deposits and withdrawals require a minimum of 50K EUR and are processed as over-the-counter deals.

The process is simple. Much like other payment services, users create an ICONOMI account and fulfill KYC and AML requirements (see our verification process) before depositing. Once you are a verified Tier 2 user you can contact us at otc@iconomi.com and we will lead you through the simple deposit process.

For DAA Managers

ICONOMI DAA managers can now seed their DAAs directly with EUR. This allows for a faster, more streamlined seeding process. If you would like to set up your own DAA, follow the instructions in our Knowledge Base article.

Looking Forward: Direct Deposit

The second stage of the fiat ramp-up service is already being implemented. It will be made available on a country by country basis, beginning with EU countries. During this stage, any registered and Tier 2 verified ICONOMI user in an eligible country will be able to use ICONOMI services with direct deposits from their bank accounts.

Offering a comprehensive set of tools to allow anyone to enter and explore the crypto-economy breaks down the barriers to entry and will expand ICONOMI’s reach even further.

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