It is finally possible to withdraw funds from the blockchain to one's bank account without going through a centralized exchange like Binance or Coinbase. This is a small revolution, as withdrawals have been a key topic in the mass adoption of bitcoin and this area has not yet been transformed.
⚠️ We're also not talking about the possible withdrawals from the bank card of a crypto exchange like Crypto.com or Binance or Coinbase. These cards are extremely convenient, but presupposes having funds available in one of the compatible cryptocurrencies on that exchange.
In our example, we'll be looking at funds that are present directly on the blockchain, i.e. on the network itself. If you have a decentralized wallet you can see your assets on Debank, or on APE Board. Enter your public address and check the status of your funds.
Evo-Defi the multiservice protocol
With this service, you will be able to transform funds originally in USDC to fiat currencies if your bank allows it. To name a few; EUR, USD, GBP, AUD...
For now, the Evo-Defi withdrawal system is only available on three blockchains, these are Binance Smart Chain, Polygon and Fantom. As the bridge was first developed on the BSC and Polygon, it is likely that the team is already working on integrating other blockchains such as Avalanche, Tron or Cronos.
Regarding the banks available for this operation, find the main players in the banking sector. For example, Revolut is available, it's a free bank that I presented in the article on the most cryptomoney friendly banks. But you will also find more traditional banks like BNP, La Banque Postale, Crédit Agricole, ING, LCL, Société Générale. And online services like Paypal or TransferWise.
But also and especially Apple Pay!
The only drawbacks on the service are the opening hours from 9am to 10pm, and the minimum withdrawal of 300$ USDC. Otherwise everything is perfect.
Steps to withdraw from the Blockchain to your bank
1) First select the blockchain your funds are on.
2) Then select the crypto to send (USDC, USDT, DAI)
3) Choose the currency you want to recover (EUR, USD, GBP...)
4) Find your bank or payment system to receive your funds.
5) Indicate your Telegram to be reachable by the service in case of problem.
6) Your account information, phone number OR card number depending on the service.
7) Unlock the wallet with the green button at the bottom left.
8) If all information is correct, validate the transaction with the SEND button.
A small fee of 0.5% applies, but personally, I think it's nothing compared to the time saved. Rather than transferring the funds back to a centralized exchange and then making a traditional transfer.