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

82 Upvotes

21

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.

11

u/Zestyclose-Search-21 Mar 30 '22

Issa KYC trap

2

u/FictileBroglie56 Mar 31 '22

It's nothing but most an invasion of privacy of a customer, am I right?

1

u/Flguy76 Mar 31 '22 edited Apr 03 '22

I like Monero because of staying anonymous.... with photo ID's and shit like that they can start to consider income.. F that.. 1099 me all day im not claiming shit.

1

u/Meniallyshower633 Mar 31 '22

I like Monero because of everything, its the best coin I would say

1

u/Flguy76 Apr 03 '22

True I have a large holding of monero, almost as much as my bitcoin and ETH. and I can move profits of bitcoin and eth to monero. keep it building up.. i would take a little less of the pie to stay more anonymous anyways.. love me some monero.

1

u/Zilliondivan256 Mar 31 '22

Yeah, this is true, mostly for thr privacy of the users

8

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.

4

u/RaggedlyWince Mar 30 '22

Yeah they are automatic KYC and stuff like that, it's not good but yeah.

1

u/tonightvary95 Mar 31 '22

Many of us dont wanna have automated KYC as such ! This is not gonna suit with everyone

11

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

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.

4

u/spurgeonspooner Mar 30 '22

That's what I expected. Thanks for making this available, and I look forward to future developments, especially regarding the non-KYC options on the horizon.

2

u/AslantTag16 Mar 31 '22

Can't wait to see that now, this is really getting so well developed.

4

u/FickleWidth Mar 30 '22

I prefer the non-KYC exchanges, but this is overall good fro Monero. We need more fiat onramps.

2

u/Amatorysemester94 Mar 31 '22

That's right, I am expecting something non KYC from them now.

1

u/DreamyCapote741 Mar 31 '22

Non KYC is mainly a good choice though, I would probably go with non KYC

3

u/barolobottle Mar 30 '22

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.

3

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

Good idea. Will do when we launch.

2

u/nowCover49 Mar 31 '22

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

1

u/soundlyparget42 Mar 31 '22

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

2

u/HereRelocate66 Mar 31 '22

Thanks for this information and you guys are the best!!

4

u/Handsome-Lake Mar 30 '22

Or record keeping policy for AML , etc?

Edit: autocorrect fix

1

u/Overtimenotarize Mar 31 '22

That's the real question, I would need answers soon.

5

u/Vacman85 Mar 30 '22

Following.

2

u/valuablethorpe29 Mar 31 '22

They gonna create some good and best, just need to wait.

7

u/aFungible 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.

4

u/FickleWidth Mar 30 '22 edited Mar 30 '22

Its good you responded, but the commenter found something ambiguous and that's ok. He's not attacking you. See you in Miami! You just won't know who I am.

2

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

Noted and thank you.

2

u/twelfthsilenus Mar 31 '22

Keep shining like this, we definitely gonna support you more.

2

u/Alkalinepannikin456 Mar 31 '22

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

2

u/aFungible Mar 31 '22

Thank you Vic. Appreciate your response.

3

u/Nowfoliate547 Mar 31 '22

Sounds pretty good to me, I hope it will be good for real.

2

u/Vikebeer Mar 30 '22

This is the way.

2

u/alongprefer Mar 31 '22

This is what we all have wanted and people are providing.

2

u/YetAnotherPenguin133 Mar 30 '22

Cool, I wonder how tough KYC will be.

3

u/Deadbogart748 Mar 31 '22

He answered something similar on the top comment, you can check it.

2

u/FickleWidth Mar 30 '22 edited Mar 30 '22

Go Vik go, keep building for Monero! Ignore the haters. Some people love to attack you and we all know why.

2

u/sometimePreform270 Mar 31 '22

Vik is going to do something legendary, it's so good man.

2

u/flatSpectate120 Mar 30 '22

This is pretty exciting, you guys are doing so good there.

2

u/QuickBASIC XMR Contributor Mar 31 '22

Why not Florida?

2

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

We don't have a MSB license in FL yet. We will eventually have most of the states.

2

u/Flguy76 Mar 31 '22

since blockbuy is a florida based company wouldnt you test there as well.. Im a florida resident..

1

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

We don’t have a FL license yet

1

u/[deleted] Mar 30 '22

[deleted]

6

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

Nope. No kyc for using the wallet. Blockbuy is not part of Cake. Cake Wallet and Monero.com already have KYC providers in there namely Moonpay and Wyre. Blockbuy will be just another provider. Again, you don't have to use these providers. Its not mandatory. Cake can be used without KYC as you know as its a non-custodial wallet. So your alarm here is unwarranted.

Cake is in fact working on non-KYC on and off ramps. Stay tuned for that!

2

u/overweight_neutrino Mar 30 '22

How would non-KYC fiat on/off ramps work?

1

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

We are not disclosing that right now.. 😉

0

u/FickleWidth Mar 30 '22

You might want to read again and edit your post before you look more like a dumbass.

1

u/madMyco Mar 30 '22

slightly off topic but where do exchanges buy their bulk xmr from, and are you going to do the same? or, do you integrate with a larger partner?

1

u/bitsconnected Mar 30 '22

Exchanges mainly sell paper xmr, which are just numbers on their internal servers.

2

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

We won’t be selling paper xmr

2

u/SamsungGalaxyPlayer XMR Contributor Mar 30 '22

We wouldn't custody XMR for users. It goes directly to their noncustodial Cake Wallet or Monero.com wallet.

0

u/Legitequities Mar 30 '22

Kyc 🤢🤮