With a new feature from peer-to-peer cash-to-crypto app Dether, individuals can buy DAI, BNB, MKR, REP, and a variety of other ERC20 tokens with cash, or sell ERC20 tokens without holding any token liquidity in their Dether wallet.
GIBRALTAR, Gibraltar—March 19, 2019- Dether, a decentralized OTC network of crypto buyers and sellers, has launched a new app feature that allows individuals to buy and sell ERC20 tokens for cash, without needing to hold liquidity of that token. The Dether protocol handles the swap using Kyber Network’s on-chain liquidity. Starting today, Dether users can experience this new feature, designed to create a bridge between cash and ERC20 tokens—especially stablecoins like DAI—on iOS and Android.
Buying ERC20 tokens with 32 available fiat currencies
The “Sell Tokens” solution aims to help individuals not previously owning crypto to directly access stablecoins like DAI and TUSD with cash, especially in regions like Venezuela, where those in financial difficulty may not have the time, resources, or tools to first buy ETH, and then exchange ETH for DAI. According to the Dether team, the feature is ideal for both “crypto-beginners” and longtime crypto-users who are particularly interested in a project or token, and don’t want to buy or hold another cryptocurrency in order to access it. Crypto sellers can enjoy the benefits of being able to sell more than 20 different ERC20 tokens, without needing to have liquidity of these tokens.
“At Dether, we believe that an easy way to buy tokens and stablecoins with cash has been missing from the crypto-landscape,” said Dether cofounder, Hamid Benyahia. “Centralized exchanges may be the norm for crypto trading, buying, and selling, but they aren’t without their problems. They may have delays, high fees, and don’t accept all types of fiat currency. Plus, cash remains king in many regions like Latin America and the Caribbean. Now both buyers and sellers can have another option and benefit from a peer-to-peer system,” said Benyahia.
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Increased visibility for token-based dApps
The new Dether app feature gives dApps with an ERC20 token a new way to gain increased awareness of their project by listing their token in the Dether app, and allows individuals across the globe to buy their token with cash in over 32 different currencies.
By doing this, ERC20 tokens can now be purchased by individuals all over the world with only a smartphone and cash, without needing to go through a centralized exchange in order to use a dApp.
Crypto sellers looking to increase trade volumes
Crypto sellers can enjoy the benefits of being able to sell more than twenty different ERC20 tokens. Since they only need to have ether, without needing token liquidity to sell the token, this represents a major opportunity to reach potential new buyers.
From selling ETH, to becoming a token ATM: how it works
Those wishing to use the new feature must first become a seller on the Dether map, by creating an account and staking DTH tokens. From there, they can begin listing their sell amount, fees, and Telegram username so that interested buyers can contact them to meet and carry out the trade. (Currently, users can only buy or sell the equivalent of two ETH—approximately—260 USD in tokens as a test period.) The process is nearly identical for buyers, who first find sellers around them on the Dether Map, a live map that displays Dether sellers around them, as well as profile information including sell history, fees, and their Telegram username. During the face-to-face meeting, the buyer then uses the “receive” tab on the upper right corner of the app to display their QR code to receive their tokens and give the seller the appropriate amount of cash. Both parties can then verify that their transaction was successful in the “history” tab of the Dether app.
Dether is a decentralized OTC network of crypto buyers and sellers and peer-to-peer marketplace in over 140 countries that allows individuals to buy cryptocurrency directly from other people using cash and spend it at physical stores nearby. Learn more about Dether at https://dether.io.
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