DEX crypto-to-fiat offramp: Looking for feedback
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2 days ago I saw this: https://old.reddit.com/r/Superstonk/comments/zea7ho/ramp_a_c...
"Ramp - a company which facilitates fiat to crypto purchases within the GameStop & Loopring Wallets - launches its OFF-RAMP, facilitating sales of crypto back to fiat. This is how you become your own bank."
"Ramp - a company which facilitates fiat to crypto purchases within the GameStop & Loopring Wallets - launches its OFF-RAMP, facilitating sales of crypto back to fiat. This is how you become your own bank."
In our view, CEXes are antithetical to the core tenets of crypto:
1. Custodial wallets: Users have no control over their crypto stored in CEX wallets. 2. KYC blackbox: Users have no control over their personal details stored by the CEX. 3. Unilateral power: Users have no control over their rights to access a CEX’s application.
We're buidling offramp.xyz, a DEX offramp to solve this:
Offramping is done entirely peer-to-peer. Buyers and sellers may broadcast their offers for any amount of time, crypto / fiat denomination, network, and price. Accepting offers is purely at the discretion of both parties.
Both sides of the offramp are secured by dual-linked escrow smart contracts utilizing Chainlink as an oracle. The smart contracts execute such that crypto and fiat are released to the corresponding sides of the offramp at the same time.
We plan to have users self-execute KYC on a commercial compliance platform. Users that are cleared (verified through a Chainlink oracle) will be granted a soulbound NFT linked to their non-custodial wallet, enabling them anonymous access. Wallets connecting to the dApp are screened by Chainalysis to see if they're on sanction lists. The soulbound NFT will automatically lock the beneficiary name written on the fiat smart contract to the same name that was cleared during KYC.
No KYC information is stored by Offramp.
Result - Users can anonymously trade fiat<>crypto from their self-owned wallets, without supervision, while knowing other participants are not sanctioned individuals/entities.