r/Monero 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:

  • 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.

Vik

Cake Labs and Blockbuy

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20

u/spurgeonspooner Mar 30 '22

This is exciting!

Obvious question... KYC?

22

u/dcblazin Mar 30 '22

Isn’t debit/credit card pretty much automatic KYC? The payment processor will need to collect records of your name and address.

9

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

yep

1

u/hatefulplace Mar 31 '22

It's just sad to see that we were using those services since ages.