MyEtherWallet will start converting cryptocurrency into Fiat without verification

A popular wallet for Ethereum MyEtherWallet in collaboration with the Swiss company Bity will provide users with the opportunity to exchange cryptocurrencies for fiat without a verification procedure.

Bity provides cryptocurrency services to residents of different countries and serves a network of cryptomattes in Switzerland. The possibility of withdrawal of cryptocurrency in Fiat without verification is possible under the local law on combating money laundering.

The developers of MyEtherWallet believe that complex KYC procedures take a lot of time, it "frustrates experienced investors and can frighten beginners".

Now wallet users can exchange BTC and ETH in their wallet for their preferred fiat currency, specifying Bity as the service provider.

It is enough for the user to provide the phone number to which the SMS with the confirmation code will be sent, as well as the bank account details and the billing address of the corresponding cryptocurrency.

MyEtherWallet clarifies that it does not store this information and will not use it to communicate with users, but will provide it to Bity in compliance with legal requirements. The size of the operation is limited to 5,000 Swiss francs (about $ 5,000).

"Innovation allows Bity to realize the most friendly and secure type of user interaction - without friction and in accordance with regulatory requirements," the company said.

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