MyEtherWallet—or MEW for short—has added fiat withdrawals to its long list of features. Users of the popular Ethereum web wallet can now seamlessly convert their crypto holdings to Euros or Swiss Francs, then deposit those funds directly to their bank account.
What’s more, the feature will not require users to submit identification as part of a KYC procedure, something that most competing services require. And even though the option is mostly of use to European investors, MEW’s decision could kick off a trend of KYC resistance.
No Need For ID
To execute withdrawals, MEW relies on a third-party fiat gateway called Bity. Fiat gateways are simply services that convert crypto to cash, or vice versa. Brokers and exchanges usually provide these gateways, although some blockchains are attempting to integrate the feature as…