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- Monero (XMR) advocates now have the option to buy the privacy coin with fiat.
- The crypto to fiat purchases is available following the Know Your Customer (KYC) checks.
- Monero (XMR) is currently trading at $194 and is down by around 0.45% in the last twenty-four hours.
Here’s great news for the Monero (XMR) enthusiasts, as now they have an added opportunity to buy one of the most popular privacy coins with fiat.
A multi-purpose marketplace for the XMR holder community, Monero(dot)com is operated and handled by Cake Wallet, which is one of the most famous noncustodial wallets for XMR tokens.
A recent official announcement made public by the marketplace’s team highlights that it activates an XMR purchasing option for the users of fiat money. And that currently, four primary global currencies are available.
Following the first instance of this new product release, XMR buying opportunities are available for US Dollar, Canadian Dollar, Euro, and Great Britain Pound holders.
And fiat can be deposited to Monero(dot)com via SWIFT and SEPA cross-border payment systems and also via both key card payment systems MasterCard and Visa. This new service is available globally in most of the countries, except the US and some geo-restricted territories.
The crypto to fiat purchases is available following the Know Your Customer (KYC) checks. But when it comes to crypto to crypto functions on Monero(dot)com, there is no requirement for KYC check as such.
Following this new service rollout, there was skepticism among the community as to why the KYC Checks to just trade in the privacy-focused Monero (XMR). And hence, the team further specified that the KYC policy needs clients’ ID, contact number, and liveness check for trades with fiat. And that nothing else like residence proof or any document is required.
At the time of writing, Monero (XMR) is trading at $194 with a market cap of $3,532,493,575 and is down by around 0.45% in the last twenty-four hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
