Sendwyre announced today their product Wyre v2, which allows crypto purchases with super efficient KYC (know your customer regulations). On Wyre v2, users can purchase Bitcoin, Ethereum, Dai and USDC with Apple pay or Google pay.
Wyre v2 is “solving onramps”
Purchasing crypto in the U.S. can be a pain. In fact, by the time there’s a fat bag of Bitcoin sitting in your wallet, nothing feels very “crypto” about it. Both Coinbase and Cashapp force you to send a picture of your face, drivers license, social security number, income, etc.
Sites like Binance who allowed credit card purchases with no KYC ended up being flagged by banks. Usually after the first or second instance of purchasing from them, you would receive a warning messages prompting a call to your card holder. From then on, it was up to you to convince your bank’s customer service representatives why you should be able to make the purchase.
Sendwyre thinks they have a solution somewhere in between.
Sendwyre says Apple and Google Pay is enough
Wire announced their method of meeting KYC requirements in a blog post.
“KYC/AML is abstracted from the user by leveraging the information already provided by Apple Pay and Google Pay”
Users need to authorize Apple and Google pay apps before they are able to transact with them. Additionally, every time the payment services are used, face recognition, a fingerprint or a password are necessary. Wyre’s design implies Apple and Google pay authentication is enough to satisfy regulations.
So here’s how to actually use the site:
- Navigate to pay.sendwyre.com
- In the dropdown box, choose between BTC, ETH, DAI or USDC
- Enter the amount you would like to purchase
- Enter your wallet address
- Confirm purchase with Apple Pay or Google Pay
Not advertised in the release post was the fact that seven U.S. states are restricted. This includes
- New York
- New Hampshire
- North Carolina