MEW App Allows You to Buy Crypto Instantly — But There’s a Catch

MEW App Allows You to Buy Crypto Instantly — But There’s a Catch

MyEtherWallet has partnered with Wyre on a new mobile app that allows users to buy crypto in 15 seconds with Apple Pay

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MyEtherWallet has released a mobile app called MEWconnect that allows users to buy crypto in under 15 seconds — but there’s a catch.

Users need to have Apple Pay and face fees of 3.99% in the United States, and 5.25% in the rest of the world. Google Pay is not yet supported.

Still, this is the first mobile app and fiat onramp for MEW — one of the widely used cryptocurrency wallets in the world. The fiat on-ramp is provided through a partnership with blockchain money transfer company Wyre.

MEW founder, Kosala Hemachandra, told Cointelegraph the mobile app was a much needed part of the ecosystem:

“We are one of the first Ether wallets. We are not about creating the most fashionable things, instead, we want to make Ethereum accessible to as many people as possible. We realize that now, more and more, people are mobile-first. That is why we created a mobile app.”

MEW’s Director of Mobile, Alex Komarov, said that until now a fast fiat onramp did not “exist, no one has built it before”.

“You need to verify your identity, make a deposit, get it cleared, verify your identity,” he said of the tedious purchasing process for newcomers. “Now, you can do it in one minute, and, if you have Apple Pay, you can get it done in 15 seconds.”

While Android users can’t yet use Google Pay, they can buy Ethereum-based coins using debit cards. The Know Your Customer (KYC) identity process is handled by Wyre, and ApplePay details are utilised for iPhone users.

The fees are higher than many exchanges and are split three-ways between the on-ramping partner, the liquidity provider and MEW — which gets a 2% cut.

MEW is a hardware wallet without the hardware

MyEtherWallet is a prime target for phishing attempts and many users have lost funds through poor security practices. Hemachandra said that, in developing the app, they had used everything they had “learned about security over the past five years”.

“The users are not always capable of storing their keys securely. For mobile, we have to choose for them, which takes this decision off their plate.”

The private keys are stored on the device. Most phones now have a “secure chip which is architecturally separated from the rest of the phone. We store encryption keys in this secure chip, it’s capable of generating encryption keys by itself, we never see it,” he said.

Hemachandra explained there is no option to enable two-factor authentication, because that would entail MEW having to manage user keys. MEW has plans to add an “exchange” feature in future that will allow for crypto to crypto trades within the app.


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MyEtherWallet has partnered with Wyre on a new mobile app that allows users to buy crypto in 15 seconds with Apple Pay

Crypto Wallet Provider BRD Partners With Wyre to Roll Out US Bank Transfer Support

Crypto Wallet Provider BRD Partners With Wyre to Roll Out US Bank Transfer Support

Mobile crypto wallet provider BRD has announced a partnership with blockchain infrastructure firm Wyre that will enable U.S. customers to purchase crypto using bank transfers

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Global mobile crypto wallet provider BRD has announced a partnership with blockchain payments and infrastructure firm Wyre that will enable its United States-based customers to purchase cryptocurrencies using bank transfers. The news was revealed in a press release shared with Cointelegraph on June 13.

According to the press release, U.S. customers will be able to purchase bitcoin (BTC), ether (ETH) and dai (DAI) by directly linking their BRD wallet to their bank account and making a low-fee transfer. The new service is reportedly supported by over 1,700 U.S. banks, and ostensibly allows for purchases to be completed within five minutes.

In a statement, Aaron Lasher, BRD’s chief strategy officer and co-founder, said that the new service aims to ensure that the blockchain sector remains decentralized and inclusive. He alleged that currently major crypto wallet providers are turning to more custodial and centralized structures.

The press release claims that BRD — which was founded in 2015 — has over 2 million customers across 170 countries, and has seen its period of most intensive growth this year.

During the first 4 months of 2019, the firm claims to have doubled the number of transactions as well as the number of users exchanging crypto assets. The firm also estimates that it has $6 billion worth of crypto assets under protection.

Wyre, for its part, has reportedly traded over $3.5 billion in crypto assets and completed over $1 billion in commercial FX payments using crypto as a rail. Having established a network of relationships with banks and crypto exchanges, Wyre’s API facilitates fiat-crypto conversion in over 50 countries, and supports eight national fiat currencies and three cryptocurrencies.

In January of this year, Switzerland-based Falcon Private Bank introduced support for direct transfers and storage of select cryptocurrencies, as well as fiat-crypto conversion services.


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Mobile crypto wallet provider BRD has announced a partnership with blockchain infrastructure firm Wyre that will enable U.S. customers to purchase crypto using bank transfers