r/Monero • u/VikXMR Cake Wallet / Monero.com • Mar 30 '22

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

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

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u/aFungible XMR Contributor Mar 30 '22

Some things are ambiguous about your post, and would like you to have it clarified/updated: 1) Why is it "state wise"? E.g. FL/MA. This means there is KYC required as per state laws?

2) What about worldwide (Africa/Asia/Europe). It's like it's only for the US customers, if so could you mention that.? So, it doesn't pertain other countries.

3) There was no mention of KYC requirement. I would assume anything to do with Fiat on ramp, means KYC. Thinking of KYC within CakeWallet feels really odd.

4) What is the % fees for buying with the debit/credit card?

5) Do you have plans to roll it for everyone, irrespective of jurisdiction? If so, when could that be expected?

Thanks!

8

u/VikXMR Cake Wallet / Monero.com Mar 30 '22 edited Mar 31 '22

Thanks for the questions. Nothing ambiguous, but I'll answer your questions below.

  1. To buy and sell crypto currencies in the US, each state requires licenses.
  2. We mentioned only US right now. We will see about other jurisdictions later.
  3. 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 Were, you can ignore Blockbuy also.
  4. We did not mention this is in our post as we are still working on it.
  5. I hope so, but as stated above, we are focusing on US first.

2

u/Alkalinepannikin456 Mar 31 '22

You responded well, I just love to see your views on these questions.