KYC-less and Open API for fiat to crypto conversion

1 point

7 years ago

Hi, Alexis, CEO of Bity.com here. We are a Swiss crypto broker since 2014. We have designed and built an open API that can be used to swap crypto for fiat. You can sell your BTC for EUR and we will make a bank transfer to your account. If you open a fiat to crypto order, you will receive instructions on how to send a bank wire to us. Once received, we will send you BTC on your wallet. In order to ensure Swiss AML standards, you will have to sign a message using the private key of the receiving account.

On bity.com, you can make a simple payment using without the need of an account with us. Just follow the steps. This is basically like if you go to a forex shop and change some Euros notes for CHF notes.

For developers, we created some tools to help you integrate the API in your own application. The API was mainly designed to be implemented in wallets. The documentation of the API is available at https://doc.bity.com/exchange/v2.html

On the bity.com frontpage, you can use our API based our reference implementation in JS https://www.npmjs.com/package/@bity/react-exchange-client . This package itself is based on https://www.npmjs.com/package/@bity/api . We hope you like the different tools we provide.

Currently our API support BTC, ETH and CHF, EUR. It supports payments to IBAN accounts only. The limits are currently 5000 CHF per transaction per day, like on Bitcoin ATMs in Switzerland.

KYC-Less? Yes as for small amounts, we don't need to verify your account. We will still need some details like your name and address. This is not for KYC purpose, but our bank will not be able to send a payment to an IBAN without us providing the proper name of the account holder. This data is actually routing data.

In the future? We want to add some more cryptocurrencies and fiat currencies, we want also to add support of non-IBAN accounts. We will also be adding an authentication layer that will allow verified Bity users to use the API without the limitations.