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ShapeShift Adds New Fiat Off-Ramp as Well as Expanded On-Ramp Capabilities Through Integration with Gem
Thursday, September 23, 2021
Gem, an on-ramp/off-ramp aggregator, will enable ShapeShift platform users to purchase crypto via an ACH transfer or credit card and convert it back to fiat, using any supported wallet
DENVER, Sept. 15, 2021 /PRNewswire/ -- ShapeShift, a decentralized, non-custodial cryptocurrency platform, announced today that it has integrated the Gem on-ramp/off-ramp embedded user interface to their web platform, enabling easy crypto/fiat conversions. Integration with the ShapeShift mobile platform is expected in the coming months.
The company already offered on-ramp services (or, the ability to purchase crypto with fiat money, such as the U.S. dollar and many other global currencies) via Banxa; this integration with Gem will give users the added ability to off-ramp BTC, ETH and USDC (convert it to fiat) and to on-ramp with additional payment methods and global locality options. Unlike other services, users can off-ramp using their non-custodial wallet of choice as supported by the ShapeShift platform. For more information on payment methods and fiat/virtual currencies supported by Gem, visit their information page.
Gem is an on/off-ramp aggregator: the company brings together a host of other similar services so that the user can select the most competitive offering. As is required with all fiat transactions, users will need to provide Gem with identification ("Know Your Customer" requirements, or, "KYC"), but they will only need to provide it once to use all of the included on/off-ramp gateway services. The ShapeShift platform does not require KYC for any of their own platform offerings.
"Our users have been asking for a crypto-to-fiat off-ramp, and we are very pleased to deliver it," said Matt DiRienzo, ShapeShift's current director of product management, UX and design. "Just as we integrated with 0x (a DEX aggregator) to enable our users to find the best rates and trading pairs, Gem is an on/off-ramp aggregator, allowing users to find the best rates and expansive options. It's another move to empower users and offer user choice."
"We're huge fans of ShapeShift and its mission to make the self-custody user experience even better than centralized financial services," said Micah Winkelspecht, CEO and founder of Gem. "It's crucial that users have that same great experience when they enter and exit the cryptocurrency ecosystem, and we're proud to bring that same level of ease to the fiat on-ramp and off-ramp flow."
About ShapeShift
Since 2014, ShapeShift has been pioneering self-custody for digital asset trading. The company's web and mobile platforms allow users around the world to safely buy, hold, trade and interact with digital assets such as Bitcoin and Ethereum.
Learn more at ShapeShift.com.
About Gem
Since 2013, Gem has powered trusted developer infrastructure and APIs for the cryptocurrency industry. Gem's latest product on-ramp aggregates fiat-to-crypto on-ramps and off-ramps spanning over 65 countries into a single, easy-to-use checkout experience that plugs into any application or service.
Learn more at Gem.co.
ShapeShift Media Contact:
Lindsay Smith
Lindsay.smi@ShapeShift.io
Gem Media Contact:
Jennifer Pelletier
jennifer@gem.co
View original content to download multimedia:https://www.prnewswire.com/news-releases/shapeshift-adds-new-fiat-off-ramp-as-well-as-expanded-on-ramp-capabilities-through-integration-with-gem-301377730.html
SOURCE ShapeShift
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