Wyre, a blockchain payment company, just launched a new solution for content creators to accept crypto. Cashingout.me links bank accounts with a blockchain address, and lets anyone convert crypto donations into cash.
“Recently, when PayPal recently announced they were going to no longer work with PornHub we saw an opportunity to leverage our infrastructure to allow the models an easy way to get the money they earned.” – The Wyre team
Requirements to set up Wyre’s new cashingout.me tool
Simply head over to cashingout.me and type in your first, last name, and e-mail address and your phone number. After that is done, they will take some time to set up your account and then allow you to connect a bank account.
In order to set up ACH deposits, one needs to be a U.S. resident and have a U.S. bank account.
The tool allows you to create an address that replaces the numbers and letters in your blockchain address. Wyre will then attach that blockchain address to the chosen bank account.
This is possible because of Ethereum Name Service, which is compatible with the Ethereum Network and ties your ETH blockchain address to whatever name you make up.
Because this feature is unique to the Ethereum Network, they are only able to accept DAI, USDC, and ETH right now. Each transaction is charged 0.75% as a service fee.
How fans can send crypto to youradress.cashingout.me
Since the Ethereum Name Service only works with Ethereum addresses, they will need some sort of Ethereum wallet. MetaMask and MyEtherWallet are popular, but as long as the wallet is ERC-20 compatible, it should work fine.
Content creators will want to post their address in their descriptions or on-screen like how Fortnite streamers promote their creator codes. As long as fans know what your code is and have an Ethereum wallet to send funds from, they will be able to donate to you.
Cashingout.me is an addition to a series of Wyre innovations
This isn’t the first time Wyre has innovated in the crypto payments space. A few months ago, they set up a crypto onboarding platform where U.S. citizens could purchase various assets using only Apple and Google Pay.
Wyre has also teamed up with Button Wallet to allow users to purchase crypto directly within Telegram.