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Multi-signature bitcoin vault creator they announced yesterday that it will allow US users to purchase bitcoins through its app and send them directly to their own custody using hardware wallets such as Ledger, Trezor, Foundation and ColdCard or through its multisig vaults.
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bitcoin PURCHASE LAUNCH
We are launching a highly requested and revolutionary feature that allows US-based users to purchase bitcoin directly from self-custody vaults.
Say hello to low fees and goodbye to complex exchange transfers! image.twitter.com/aWB9vwDErZ
— Theya Inc (@TheyaBitcoin) twitter.com/TheyaBitcoin/status/1825947483178152446?ref_src=twsrc%5Etfw”>August 20, 2024
This unique feature not only includes instant funding and low fees, but also eliminates the hassle of moving bitcoins from an exchange to a self-custody.
“We are thrilled to introduce this highly requested feature,” said Sriram Bhargav Karnati, co-founder of Theya, in a press release shared with bitcoin Magazine. “By enabling direct bitcoin purchases in self-custodial storage, we are eliminating the need for complex transfers from exchanges and giving our users unparalleled flexibility in how they acquire and store their bitcoin.”
Other key benefits of this new feature include a fast identity verification process, ensuring fast and secure bitcoin purchases, as well as address whitelisting (getting permission from an exchange to send your bitcoin to a certain address).
The new feature currently leverages the ACH payment system for bitcoin purchases, and Theya plans to introduce a wire transfer option for larger purchases.
To enable ACH transfers, Theya partnered with Cybrida regulated payment platform registered as a Money Service Business (MSB) in the US. Cybrid manages the Know Your Customer (KYC) process so Theya does not have to collect, store or process its customers’ personal information.
“It’s a huge step forward in making bitcoin ownership accessible and secure,” Karnati added. “We believe in giving users options on how to manage their bitcoin, and we’re dedicated to developing tools that make self-custody simple, powerful, and easy to use.”
For more information on Theya and Karnati, check out our Founding piece about the company and its co-founder.
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