Bitget Wallet has introduced its first fiat withdrawal option, partnering with MoonPay to allow users to convert stablecoins directly into 25 fiat currencies. This significant update enhances user convenience by enabling direct off-ramping from crypto to traditional money without relying on centralized exchanges, marking a key step in the evolution of self-custodial wallets.
Bridging Crypto and Fiat: A New Era for Bitget Wallet Users
Bitget Wallet, a self-custodial wallet under the Bitget cryptocurrency exchange, has launched a groundbreaking fiat withdrawal feature in collaboration with MoonPay. This new off-ramp service allows users to convert stablecoins like Tether (USDT) and USD Coin (USDC) directly into 25 different fiat currencies, including USD, EUR, and GBP. This move eliminates the previous necessity of transferring assets to centralized exchanges for fiat conversion, streamlining the process for users.
Key Takeaways
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Direct Fiat Conversion: Users can now convert stablecoins (initially USDT and USDC) directly into 25 fiat currencies within the Bitget Wallet.
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Enhanced Convenience: The feature removes the need for users to transfer assets to centralized exchanges for fiat off-ramping.
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Expanded Partnership: This builds upon an existing partnership with MoonPay, which previously only supported crypto on-ramping.
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Variable Fees: Transactions will incur a variable fee, typically ranging from 3% to 4%, covering processing and FX-related costs.
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Minimum Withdrawal: While Bitget Wallet has no fixed minimum, MoonPay generally sets a minimum equivalent to approximately $20 USD.
Evolution of Self-Custodial Wallets
Jamie Elkaleh, Chief Market Officer at Bitget Wallet, highlighted that this launch signifies a broader trend where wallets are evolving beyond mere storage solutions. They are becoming comprehensive platforms supporting full-cycle asset management within a decentralized network. This aligns with growing user demand for simplified, self-custodial methods to exit crypto positions, especially as data indicates a decline in spot trading on centralized exchanges.
Fees and Accessibility
The new fiat withdrawal service comes with a variable fee, typically between 3% and 4% of the transaction amount. This fee accounts for processing and foreign exchange costs, with the final rate subject to currency exchange spreads. While Bitget Wallet does not impose a fixed minimum withdrawal amount, MoonPay generally sets a minimum transaction of approximately $20 USD or its local currency equivalent for most cases.
A Milestone Since Rebranding
This off-ramp feature is the first of its kind for Bitget Wallet since its official launch under the Bitget brand in 2023. The wallet, originally known as BitKeep since 2018, was rebranded following Bitget's acquisition of a controlling stake in August 2023. Although on-ramp services with MoonPay have been available since 2023, this expansion to include off-ramping completes Bitget Wallet's transactional ecosystem, offering both buy and sell functions directly within the app.
Sources
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Bitget Wallet Launches Fiat Off-Ramp with MoonPay, Cointelegraph.
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