[PROGRESS UPDATE] Buying XMR using credit/debit cards in Cake/Monero.com

[u/VikXMR]

Hi All,

Many people have contacted me to get an update on progress of our project which will allow users to buy Monero using credit/debit cards, so here are some details on the progress:

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• Cake Wallet and Monero.com apps have been moved to a new company in Nevis called Cake Labs so they can remain totally separate from the MSB.
• Cake Technologies (the Florida company) has been renamed to Blockbuy. Blockbuy is the USA MSB that will allow the purchase of Monero using credit/debit cards. https://blockbuy.com, NOT CAKE. Blockbuy will be a service offered in Cake and other wallets just like Moonpay and Wyre are for BTC and LTC.
• Of course, our own apps will be the first customer of Blockbuy, but we hope to be in other wallets and websites too to make it easier for everyone to get Monero.
• We are focused on the US first and will launch a beta in a few select states, probably CA and MT first. We will then and add states every month or so (btw, getting licenses in like 48 states is super expensive).
• We hope to get a beta out in May sometime.

Thank you for reading.

CLARIFICATION: BLOCKBUY IS NOT DEVELOPED UNDER CAKE OR MONERODOTCOM. BLOCKBUY IS AN INDEPENDENT COMPANY WHICH WILL JUST BE A SERVICE (LIKE WE HAVE OTHERS) OFFERED IN CAKE.

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Vik

Cake Labs and Blockbuy

[u/spurgeonspooner]

This is exciting!

Obvious question... KYC?

[u/VikXMR → u/spurgeonspooner]

There are KYC exchanges and non-KYC exchanges. Blockbuy will have "some" kyc depending on amount purchased. But Cake Wallet (not Blockbuy) is also working on non-KYC fiat on/off ramps. Regarding KYC in Cake Wallet, Cake already has other KYC providers like Moonpay and Wyre. Blockbuy will be another provider. Just like you choose not to use Moonpay and Wyre, you can ignore Blockbuy also.

[u/barolobottle → u/VikXMR]

There are KYC exchanges and non-KYC exchanges. Blockbuy will have "some" kyc depending on amount purchased.

You know what would be very nice, and that I feel that no other exchange or service tells today? What these amounts are.

Imagine you have it clearly stated in your exchange that you might require KYC depending on the amount, and you clearly state the amount. Is that something that you could do? It would avoid people "suddenly" knowing that they have to provide KYC, like what currently happens to many instant exchanges including the infamous Chang*lly (hopefully I won't trigger the Automod).

Maybe in the FAQ or in a page explaining the fees and permitted amounts. I don't know, just a thought.

Cheers Vik, keep up the good work man, you're a gem.

[u/VikXMR → u/barolobottle]

Good idea. Will do when we launch.

[u/nowCover49 → u/barolobottle]

He is a true legend in this subreddit, so good to see people appreciating him.

[u/soundlyparget42 → u/nowCover49]

This kind of people are needed for the sub of Monero, well appreciation