This article was originally published here.
A decentralized cryptocurrency exchange developed on the Ethereum blockchain by the creators of the Kyber Network is launching one of the first non-custodial fiat-to-crypto gateways.
KyberSwap is being introduced through a partnership with Coindirect, a Hong Kong-based crypto payment service provider backed by MakerDAO. The goal is to help anyone buy crypto with fiat more easily, with low fees of 3.5% by using Visa and Mastercard debit or credit cards.
According to the announcement, KyberSwap supports trading with Ether (ETH) and ERC20 compliant tokens, and is designed to be a fast, simple and secure DEX (decentralized exchange) for anyone, including totally new crypto users.
- Fiat to crypto on-ramp
- Fully on-chain token swaps
- Non-custodial Limit Orders
- iOS and Android mobile apps
- Straightforward UI/UX
KyberSwap expects the new platform to spur adoption by eliminating complex KYC for small amounts and enabling the crypto curious.
“Imagine a curious user who wants to try DApps on Ethereum, and would like to start by buying a small amount e.g. 20 Euro worth of ETH. There aren’t many fast and convenient ways to do so. Coindirect allows small purchases of crypto, with just basic credit card information. Once the user is comfortable with crypto purchases and wants to increase his trade limit (~3000 Euro per day) and get even lower fees, he has the option to furnish more personal details.”