ShapeShift’s founder, Eric Voorhees, declared the evolution at a tweet on April 3, saying:
“If you’re in the usa, you can buy Bitcoin immediately from the new ShapeShift.com platform with your debit card. You can literally have the Bitcoin, in your possession, five minutes from now.”
KYC procedures compliance
ShapeShift’s new platform doesn’t need account verification to purchase cryptocurrencies, which has led to queries in the tweet’s commentators.
When asked about the project’s Know-Your-Customer (KYC) policy, Voorhees confirmed that KYC is not required. That is because to the fact that, as is true for Shapeshift, the platform doesn’t actually hold custody of customer funds. Since transfers occur P2P between pockets owned and controlled by individual users, KYC measures are not strictly essential.
ShapeShift has not yet published a mobile program, and only enables customers to purchase crypto via debit card through its internet platform.
Crypto industry intentionally adopts debit and credit cards
Crypto exchanges have been actively adding support for debit cards, with a couple of them issuing their own. Most recently, leading crypto marketplace, Binance, entered the crypto debit card business with information of an official Binance Card. Issued by Visa, the card is initially only available in South East Asia, even though the company states that other regions will be unlocked soon.
Earlier this year, Coinbase became a principal member of Visa, which allows it to issue debit cards without relying on third parties. The supplier’s Coinbase Card joins to each user’s Coinbase account, allowing individuals to invest their crypto balance via a direct conversion to fiat.