Just when you thought their open-sourced ShapeShift V2 platform was sounding like a “one-stop-shop” solution for your cryptocurrency requirements, the team at ShapeShift claims that they have made further enhancements with the integration of the Gem on- and off-ramp embedded user interface. This will allow clients “to easily execute crypto/fiat conversions directly from app.shapeshift.com.”
The team had announced Gem’s availability on their beta.shapeshift.com web platform in September 2021.
Now, this integration with Gem will “give users the added ability to off-ramp BTC, ETH, USDC, and an additional 18 tokens (convert them to fiat) and to on-ramp with additional payment methods and global locality options directly from [their] new, decentralized, and open source ShapeShift platform.”
For additional information on payment methods and fiat/virtual currencies supported by Gem, you can check out their information page.
The ShapeShift developers confirmed that they already “offered on-ramp services (or, the ability to purchase crypto with fiat money, such as the U.S. dollar and many other global currencies) via Banxa on their beta web platform; this addition enables you to do so on our new decentralized, open source platform.”
Traders or investors may “connect, trade, invest, track, manage, and now on/off-ramp — from a single interface, across chains, privately and securely.”
Gem is “an on/off-ramp aggregator: the company brings together a host of other similar services so that the user can select the most competitive offering.”
As is required with all fiat transactions, you will need “to provide Gem with identification (“Know Your Customer” requirements, or, KYC), but you will only need to provide it once to use all of the included on/off-ramp gateway services.”
The ShapeShift platform “does not require KYC or store user data for any of our own platform offerings,” the update noted.
The ShapeShift DAO announced the launch of the V2 platform on January 20 “as the first of many significant steps we have taken in the DeFi and yield farming spaces.”
The new V2 platform has features built in to allow every user “to put their digital assets to work and earn yield without giving up control or having to ask for permission — no accounts or KYC.”
As noted in the update, V2 is “a huge step toward enabling you to experience true financial sovereignty and self-custody.”
The team’s mission has always been “to empower our users and remove friction.”
By adding expanded on- and off-ramp capabilities, they are working “to provide a single digital utopia where you can easily execute and track all of your crypto and crypto investment transactions.”
The integration of Gem into the V2 “comes with the added benefit of affiliate revenues: some portion of Gem usage revenues are returned to the ShapeShift DAO, without affecting user costs or fees.”
As noted in a blog post, this benefits us all by “enabling us to continue to fund more features, development, and programs to improve our services for our users.”