Web 3 Wallet Provider Kresus Launches Crypto Off-Ramp Offering Zero Network Fees

Crypto and NFT super-app Kresus unveiled its crypto off-ramp services this Tuesday, providing one of the best-in-class withdrawal services in the industry. According to the statement, Kresus’ novel cash-out service will allow users to withdraw larger one-time payments with no network fees applied. Users on the platform can withdraw up to $100,000 at a time to their bank account and pay zero network fees in the process. 

The zero-fee feature is made possible through Kresus’ partnership with Coinflow Labs, leveraging the latter’s infrastructure to cut down on costs. Unlike other crypto off-ramp platforms, which use intermediaries for withdrawal services, Kresus uses on-chain infrastructure, meaning no extra costs are passed down to the customer. Via Coinflow Labs’ infrastructure, Kresus has conducted the bulk of the cash-out process on-chain while keeping intermediaries to a minimum. 

“Partnering with Kresus, Coinflow empowers users to seamlessly move liquid crypto directly from their self-custody wallets,” said Coinflow Labs CEO Daniel Lev. “We believe that users deserve full control over their crypto assets, and our on-chain infrastructure fills the missing piece by offering off-ramping options with minimal fees.”

The service is available across all 50 U.S. states, allowing crypto users in the nation to seamlessly transact crypto to their favourite fiat currency. The latest development aims at reducing the barriers to entry, removing the high fees,  slow processing times, and low withdrawal limits that have plagued the industry for years. 

Notwithstanding, Kresus’ new off-ramp service also allows users to convert crypto on multiple chains including digital assets residing on Polygon, Solana, and Ethereum. This is particularly useful for individuals trading on-chain, whose assets reside in web wallets that lack a fiat pipeline. It also provides faster withdrawal times for users, as they only need to verify their KYC compliance once for multiple withdrawals. 

The latest development aims to make markets more efficient by helping transactions to settle more quickly, eliminating the time between when parties agree and when the deal closes, thereby reducing costs. According to the team, offering zero-fee transactions could help narrow the gap between crypto and the traditional financial market, “making Web 3 mass-market ready”. 

Finally, users have the option to choose between the free cashout service or a paid option that ensures instant ACH off-ramping enables individuals to select a solution that meets their needs.