Non-custodial cryptocurrency wallet Bitget Wallet has partnered with MoonPay to introduce a new fiat withdrawal feature, allowing users to convert stablecoins into cash.
Enhanced Conversion Options
The partnership between Bitget Wallet and MoonPay will enable users to exchange USDT and USDC for over 25 major fiat currencies, including USD, EUR, GBP, CHF, AUD, and HKD, among others. This service aims to provide users with secure and direct methods to withdraw their crypto holdings without relying on centralized exchanges.
Bitget Wallet’s Sell Crypto page now includes this functionality, allowing customers in eligible countries to choose their token and preferred fiat currency before initiating the transaction through MoonPay’s platform. Users need to complete an identity verification process and select a withdrawal method via MoonPay, benefiting from both crypto-to-fiat conversion and fund settlement.
The available payment options include Apple Pay as well as debit or credit cards issued by Visa and Mastercard. After approval, funds are deposited directly into the selected payment method.
Regulatory Compliance and Security
MoonPay provides the necessary regulated payment infrastructure for Bitget Wallet’s new fiat withdrawal capability. The company operates under registration as a Virtual Asset Service Provider (VASP) in the EU and a Money Services Business (MSB) in the US, ensuring compliance with all relevant regulations.
Transactions via MoonPay undergo identity verification and anti-money laundering checks, leading to efficient processing times for most fiat withdrawals based on the chosen payment method. Users can track their transactions within Bitget Wallet and receive real-time updates via email.
Completing the Crypto Cycle
Incorporating fiat withdrawal into its services, Bitget Wallet aims to complete its core asset management cycle—enabling users to buy, use, and sell cryptocurrencies through a single platform. Users can purchase crypto in Bitget Wallet and spend their assets via the in-app Shop section, a crypto card, or a QR code-based Pay feature.
For those looking to convert their crypto into fiat, Bitget Wallet’s new sell function allows direct withdrawals to supported payment methods. Representatives from Bitget Wallet noted that this launch advances their “Crypto for Everyone” vision by simplifying how users enter, utilize, and exit the world of cryptocurrency while maintaining control over their assets.
