Multisignature Bitcoin Vault Maker Thea Bitcoin announced yesterday that it will enable users in the United States to buy bitcoin through its app and send it directly to self-custody via hardware wallets like Ledger, Trezor, Foundation, and ColdCard or through its multi-signature vaults.
🚀 Launch Bitcoin Purchase 🔥
We are launching a highly requested and game-changing feature that allows US-based users to purchase Bitcoin directly in self-custody vaults.
Say hello to low fees and goodbye to complicated transfers from exchanges! pic.twitter.com/aWB9vwDErZ
— Theya Inc (@TheyaBitcoin) August 20, 2024
Not only does this unique feature include instant funding and low fees, it also eliminates the hassle of transferring Bitcoin from the exchange to self-custody.
“We are excited to offer this much-needed feature,” said Sriram Bhargav Karnati, co-founder of Theya, in a press release shared with Bitcoin Magazine. “By enabling direct Bitcoin purchases in self-storage, we are removing the need for complex transfers from exchanges and providing our users with unparalleled flexibility in how they acquire and store their Bitcoin.”
Other key benefits of this new feature include a quick identity verification process, ensuring fast and secure Bitcoin purchases, as well as eliminating address whitelisting (getting permission from the exchange to send your Bitcoin to a specific address).
The new feature currently takes advantage of the ACH payment system for Bitcoin purchases, and Theya plans to offer a bank transfer option for larger purchases.
To enable ACH transfers, Thea has partnered with Cyberdomea regulated payment platform registered as a Money Services Business (MSB) in the United States. Cybrid runs a Know Your Customer (KYC) process so that Theya does not have to collect, store, or process its customers’ personal information.
“This is a significant step forward in making bitcoin accessible and secure for everyone,” Karnati added. “We believe in empowering users to choose how they manage their bitcoin, and we are committed to developing tools that make self-custody straightforward, powerful, and easy to use.”
For more information about Theya and Karnati, check out our website. Founders Piece About the company and its co-founder.