First things first. Gitcoin Grant Round 9 is now finished and we've received frankly more than what we expected. We managed to raise a little over $2600 for this month of March 2021. Naturally, we'd like to deeply thank all 450 donors for their generosity.

This may not sound like much but for us it's reinsuring to see that by supporting us, people concur with the idea that until crypto becomes fully adopted by the mass, frictions remain between the FIAT world and the Crypto world. We're just trying to smooth out the experience for our users, while we understand and wish for crypto to become mainstream, ironically.

Lubricating your exit

Marc Cuban, in a recent Bankless podcast made an interesting point regarding what he believes would be determining factors for successful Crypto projects. According to the tech billionaire, consumers "will always naturally choose 'the path of least resistance' that's it" pointing to the fact that one must provide the most user friendly, intuitive, and frictionless experience, in order to convince new users to adopt that specific solution.

That's what we do at Mooni. Reduce friction, down to the point where it only takes a couple clicks and entering your IBAN before receiving your funds to your bank account. No registration credentials asked, because we don't care about your email address. No need to take a selfie, holding a personal ID, because if that information was to be leaked, following a database hack, you would curse us until the end of times, like we're cursing Ledger now.

One last thing we'd like to point out is that we're fully FCA compliant because we work with European sorcerers under the hood that allow us to do so (up to certain daily limits). We don't take shady shortcuts, and won't fuel the narrative that crypto is for cyber criminals and such.

Once again, a huge thanks to our users and supporters. Cheers !

Ressources:

• Website: https://mooni.tech/
• dApp: https://app.mooni.tech/
• Documentation: https://doc.mooni.tech/
• Discord: https://discord.mooni.tech
• Twitter: https://twitter.com/moonidapp
• Github: https://github.com/mooni

2021 is the year of the Ox according to the Chinese calendar. That sounds about right, as the bullrun has been raging since Q4 last year. But all things come to an end, and sooner than later, the time to exit the market will come, before it takes everything back from you. To sell is the hardest thing, but once you’ve done it, then comes the moment to actually cash out to FIATs and withdraw your funds to your bank account.

Surprisingly, even now, the difference between how easy you can enter or “on-ramp” the crypto world by purchasing crypto assets, and how tedious it can be to get out or “off-ramp” is astounding. The lack of transparency regarding the on/off ramping process, can be a deterrent for potential new users, as they just won’t join the crypto party the first place if they don’t feel confident about being able to get in and out easily. But let’s not get too dramatic and start by reviewing the current off-ramp options that crypto asset owners currently have at their disposal these days.

Aside from Mooni, there are mainly 3 ways a person can either withdraw to their bank or spend their cryptos by converting them immediately to FIATs:

• Crypto Debit Cards
• Crypto ATMs
• Centralized Exchange (CEX) withdrawals

Instantly convert & spend using Crypto Debit Cards

There are plenty of crypto cards around these days whether standalone, or linked to an exchange, Binance, Coinbase, Crypto.com, Wirex, Plutus, Swipe, Strike, Bankera, TenX, you name it. It appears to be the easier option for brokers wanting to offer additional services to their users. One of those cards doesn't charge fees, but you need to trust with your assets the guy who wanted to roll-back the Bitcoin blockchain... I'll give you a hint; He's Chinese.

Out of all these debit card service providers, the  closest to our philosophy would probably be our folks at Monolith, as they’re the only ones who built a non-custodial solution.

However crypto cards aren’t suited for every situation of life, as not every "real life" merchant accepts debit cards. They’re also very limited in terms of which cryptocurrencies are supported, and eventually you’ll have to make a bank transfer, for which a card won’t help. So it’s a simple and convenient thing to have, but it won’t suffice.

Withdraw cash using Crypto ATMs

Cash may be more attractive for some people, yet ATMs aren’t really a convenient option for most people as they’re far from being mainstream to the point where you most likely have one in your neighborhood. They’re pretty rare unless you live in a metropolis, and fees can be quite high, usually above 5%, and they only support a few cryptocurrencies as well.

Cryptos to FIATs using Centralized Exchange (CEX)

This is naturally the best option that gets you covered from all angles. Have some FIATs sent to your actual bank account so you can spend it the way you want to. Unfortunately there is a catch. You need to give the CEX you’re using to cash out, the custody of your assets, and you’re forced to go through a horrendous KYC process meaning you’re also letting them store your private data. But you may ask yourself:

So what ? I don't see the problem. Funds are SAFU ! Right ?

Wrong.

Oh and also this...

and this...

On the top of that, CEXs only list coins or tokens after a certain time and under certain conditions (aka, most likely not your favorite shitcoin launched on Uniswap last month). Major CEX listings are expensive so if you’re into low cap DeFi projects, you’ll probably have to convert your cryptos into a more common one before sending it on the CEX and sell it there to cash out FIATs.

Mooni's disruptive approach to the Off-Ramp problem

Not trying to blatantly self promote here, and don’t get me wrong, all these options mentioned above work, but they have their limitations and I pointed them out. Now what if there was a solution that does it all? A solution that demands from you neither the custody of your crypto assets, nor to need to store your private data, nor your credentials, while letting you immediately sell almost any cryptocurrency you own in order to receive FIATs in your existing bank account. All of this in a single step process that takes you less than a minute and that supports almost any ERC-20 token ? What if such an option existed ?

At Mooni, we wish we found such solution. But we didn’t. So instead we built it, and now, we’re sharing it.

Ressources:

• Website: https://mooni.tech/
• dApp: https://app.mooni.tech/
• Documentation: https://doc.mooni.tech/
• Discord: https://discord.mooni.tech
• Twitter: https://twitter.com/moonidapp
• Github: https://github.com/mooni

Abstract

Mooni is a simple,  frictionless, non custodian cash out or "off-ramp" solution to convert cryptocurrencies from your blockchain wallet such as Metamask, WalletConnect, and so on, into fiat and transfer them directly into your existing bank account. All of it in a single operation and under a minute.

Why Mooni ?

Decentralised Finance (DeFi) is an ever-growing ecosystem, where more and more platforms allow for anyone in the world to easily generate revenue online. Despite this, while most of these platforms integrate on-ramping services to onboard new users, they do not offer a solution to off-ramp when they want to exit the market, aside from the usual reliance on centralised exchanges (CEXs). Between the long and tedious KYC / AML verifications process that can take several days, or the obligation to deposit your crypto assets on a custodian platform, there had to be a better way for users to withdraw their funds.

Mooni removes this friction by proposing a fast, non-custodian and KYC-less checkout, similar to an ATM, but for bank transfers.

For decentralised workers, DeFi degens, and beyond

Whether you are making a living on bounties, trading, lending, NFT art, or a Decentralised Finance power user, Mooni is the place where you will be able to cash out your revenues and spend it in real life. Because most day-to-day spendings like groceries, rent or health insurance still need to be paid in fiat, and sometimes, paying through a crypto debit card or cash isn't even an option.

Another core benefit from using Mooni is the fact that we support most of the tokens in the Ethereum DeFi ecosystem as a payment, which thus allows users to retrieve fiat by selling tokens that aren't usually available on CEXs such as synthetic assets like aLINK, cDAI, jEUR, etc, saving them the costs of closing their Vault(s), and virtually getting a fiat based loan, using cryptos as collateral.  

--> Check the regularly updated list of our currently supported ERC-20 tokens

Integrable in any dApps

Our off-ramping solution can be easily integrated into any decentralised application. This means that any DeFi platform can allow their users to cash out the cryptocurrencies they earn on it with our Javascript SDK.

That’s a real benefit for dApps builders: in addition to onboard users with on-ramps, they can also allow them to exit. This doesn’t mean losing clients, very much to the contrary, it means that these applications are two-ways connected with the real world: Users can go in, earn money, and cash out to spend what they earned whenever needed. They will surely do it again.

Engage now in the Future of Work while keeping your favorite bank account with you !

Ressources:

• Website: https://mooni.tech/
• dApp: https://app.mooni.tech/
• Documentation: https://doc.mooni.tech/
• Discord: https://discord.mooni.tech
• Twitter: https://twitter.com/moonidapp
• Github: https://github.com/mooni