UPDATE: Read the updated explanation over here.
An interesting new exchange has launched, which will let users sell Ethereum for PayPal. Although such a service is quite risky for the people accepting the PayPal payment, they are using a third-party payment processor which does not have the best of reputations in the digital currency ecosystem. Keeping in mind how the current fee is just US$1.50 per transaction, there seems to be a huge market waiting for the Etheress team.
Also read: Intercollegiate Trivia on Blockchain and Bitcoin Has Started
Getting digital currency into the hands of as many people as possible is the primary objective for any
exchange platform. Offering more convenient payment methods will play an integral role in this process. For some reason, a lot of consumers want to obtain digital currency with PayPal – or sell their currency for PayPal- even though this money transfer service is subject to high fraud rates and chargebacks.Etheress has decided to take the gamble and venture into this market, by launching a new exchange platform where users can sell Ethereum for PayPal. Rather than handling the payments themselves, however, they opted to work together with The Virtual World Exchange, which will take all risks associated with sending out the PayPal payments.
Using Etheress is not free of charge, though, as there is currently a US$1.50 fee. Do keep in mind this fee is a promotional effort only, and will change to a percentage fee in the future. The minimum order amount is 10 ETH – worth US$100-ish at the time of writing – and the maximum order value is 5,000 ETH – worth close to US$53,000.
What makes Etheress quite appealing to users is how the platform does not require personal documentation for any of the orders placed, although they do require Paypal accounts to be verified before making a purchase. Whether or not this could become a risk factor in due time, remains to be seen, as it is questionable these type of services can carry on for long with such a shady business model.
Moreover, Etheress welcomes users from all over the world, as PayPal is a very common payment method across more than 100 countries around the world. Transactions should be completed instantly, although new users might face a one-time delay of up to five hours. Users can sell ETH based on the current prices in USD, GBP, EUR, and CAD.
Users will need to remain careful when dealing with these types of platforms, though. It is not uncommon to see similar services pop up for different digital currencies, and most of these platforms turn out to be complete scams. Always do your own research before sending your funds off to a third party.
Source: Reddit
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…
As the crypto markets roll into their most bullish time of year, we present three…
As the crypto market prepares for a major rally, experts believe that two top altcoins,…
Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…
Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…
A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…