Written by Logan Smith

On April 7, 2022

Now you can use cash directly in the Proton ecosystem!

One of the biggest updates to the Proton ecosystem is now live and ready for you: a fiat on-ramp! Now Proton users around the world can use fiat money – also known as “cash” – directly in the Proton ecosystem!

By creating a cash on-ramp for Proton, our users can now take their USD, purchase cryptocurrency directly from the Proton ecosystem via ProtonSwap.com, and deposit that cryptocurrency into their WebAuth.com / Proton Wallet account without ever paying a gas fee. From there, you’re able to use that crypto to buy and mint NFTs, stake and loan for interest, yield farm, and so much more. This is a major update to the Proton ecosystem that benefits our users around the globe.

Never leave the Proton ecosystem

The Proton ecosystem feels like a different world when compared to the rest of crypto. While other blockchains leave you chained down with gas fees and slow transaction times, Proton users enjoy no gas fees, instant transactions, and infinite possibilities.

With fiat capabilities on Proton, there’s never a reason to exit the Proton ecosystem. Take the proceeds from your NFT sales or royalties, your interest you earned from staking, loaning, or yield farming, and the profits you made through trading on the feeless Proton Swap, and keep it within the Proton ecosystem where you can continue letting it grow. When you stay with Proton, money moves faster and for a lot less.

KYC on-chain

Additionally, Proton just took a major leap forward in the world of regulatory compliance by adding global know-your-customer (KYC) functionality directly to the Proton blockchain. To those who understand the shifting world of international regulatory compliance, and who know just how impactful it can be to every crypto project, this news will be massive. Available in up to 140 different countries, Proton KYC is global.

We are serious about building a human-centric identity ecosystem. By adding KYC functionality directly into the Proton blockchain, we have created a way for users to prove their identity to a single party, who can then prove that identity to other parties while protecting the user’s personal information.

The specifics of Proton’s fiat on-ramp

This fiat on-ramp for Proton comes through Circle, one of the most widely used transaction processors in crypto. This fiat on-ramp comes with global accessibility and no annual limits, meaning any fully KYC’d user anywhere in the world can move unlimited funds into the Proton ecosystem. Here’s how it works:

Step 1: Users will wire funds from their bank account directly into Circle using a unique reference ID provided by us, paying a flat $20 fee charged by Circle (plus any fees that your bank may charge)no matter how large your transaction is.
Step 2: Circle will mint USDC for this transaction, sending it to the user’s Proton wallet / WebAuth.com wallet as xUSDC.
Step 3: Within five business days, these funds will appear in the user’s wallet, ready to be used across the entire Proton ecosystem.

How to get started with fiat on Proton

Step 1: Become fully KYC’d on the Proton blockchain – view the simple guide for this process here.
Step 2: Go to the ‘Fiat’ tab on Protonswap.com and connect your Wallet by scanning the QR code.
Step 3: Choose ‘Wire deposit (USD)’ as your Payment Method
Step 4: You’ll be prompted to add a Bank from the following options:

  1. U.S. Bank account
  2. CA Bank account
  3. EU Bank account

Step 5: Once you choose your banking option, please fill out all of the information requested. Click ‘Add bank account’ and authorize it with your WebAuth.com wallet

Once it’s authorized, you have successfully linked your bank account!
You can view all of the steps on one page, plus more information about this process, by visiting our Knowledge Center.

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Want to learn more about Proton? Follow us on social media and check out our website – we’re always posting new updates about the Proton ecosystem that we’re building for you.

Welcome to Proton, we’re glad you’re here.

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