You Can Now Become a Token ATM — Without Holding Tokens
Buy and sell ERC20 tokens for cash using your Dether App. Sell DAI, BNB, MKR, REP, and a variety of other ERC20 tokens for cash without holding any token liquidity in your wallet.
You asked for it… so we made it happen! Today, we are thrilled to present an exciting feature in the Dether app:
You can now buy and sell ERC20 tokens for cash!
We’re creating a direct decentralized bridge between ERC20 tokens and fiat currencies.
This represents a unique solution built in the crypto space with a direct bridge between cash and ERC20 tokens. We’ve created a direct bridge between tokens and cash for both crypto buyers and sellers.
As a result, you can now purchase ERC20 tokens with over 32 currencies. This is ideal for individuals who are interested in buying ERC20 tokens but don’t currently own any crypto, or anyone wishing to directly access an ERC20 token without having to use a centralized exchange.
What is even more exciting is that you can now sell ERC20 tokens such DAI, BNB, MKR, REP, and a variety of other ERC20 tokens for cash WITHOUT holding any token liquidity in your wallet! → All you need is ETH.
The Dether protocol handles the swap using Kyber’s on-chain liquidity. This is also ideal for crypto sellers looking for a way to sell ERC20 tokens with no liquidity needed to sell a particular token.
From selling ETH, to becoming a token ATM
Dether is a decentralized OTC network of crypto buyers and sellers all over the world.
Built on top of the Dether protocol, the Dether app is a peer-to-peer marketplace that allows individuals to buy ether (and now, other ERC20 tokens) directly from other people nearby and spend it at physical stores located on the Dether map.
Beginning today, the “Sell Tokens” feature makes the Dether app unique in the crypto field, as it is the first solution that allows individuals to buy and sell a variety of ERC20 tokens, including DAI, BNB, MKR, SNT, KNC, BAT, and more, with cash. Dether supports a variety of currencies, making it easy for users to buy tokens with their own fiat, and to sell them for cash as well.
How does it work?
To become an ERC20 ATM:
The first step to becoming a seller on the Dether map is to create your point of sale on the map. It enables you to become visible on the Dether map as a seller and make money from selling or buying crypto from other individuals.
To create your point of sale, you only need to stake the amount of ether (representing how much you are willing to sell) and stake 42 DTH (representing the price of your Dether license). From there, you can begin listing your sell amount, fees, and Telegram username so that interested buyers can contact you.
(Currently, users can only buy or sell the equivalent of 2 ETH [appx. 260 USD] in tokens as a test period. Once the test period is over, we’ll remove this limitation.)
Thus, by staking ether, you do NOT NEED to have liquidity of the ERC20 token a buyer is interested in — the Dether smart contract handles this aspect of the exchange.
Liquidity is created through Kyber’s on-chain liquidity protocol.
To sell ERC20 Tokens:
Once an interested buyer contacts you:
- simply agree on a location to complete the trade
- choose the token you are selling
- and scan the buyer’s QR code to send the desired token and accept the cash.
Your transaction is now complete!
To buy an ERC20 token with cash:
Once you’ve created your account on the Dether app, simply find a Dether seller around you on the Dether map, and send them a message using their Telegram handle to ask them about trade conditions.
Once you meet, simply use the “receive” tab on the upper right corner of the app to display your QR code to receive your tokens, and give the seller the appropriate amount of cash.
You can verify that your transaction was successful in the “history” tab of the Dether app.
Interested in having your token tradable for cash in 140 countries? Be sure to fill out this form to learn more!
Individuals looking to buy stablecoins without exchange barriers
At Dether, we believe that an easy way to buy stablecoins with cash has been missing from the crypto-landscape. Now, individuals not previously owning crypto can directly access stablecoins like DAI and TUSD, with cash.
Imagine a family in Venezuela, who’s recently experienced financial difficulty due to mounting inflation. They’ve heard about stablecoins, but do not have the time, resources, or tools to first buy ETH, and then exchange ETH for DAI. It’s possible that they cannot buy ETH with the Venezuela Bolivar on an exchange, or they’re wary of central banks and are no longer using a bank account. With the “Sell Tokens” feature of the Dether app, they can simply find a Dether seller around them in Caracas or Valencia, and trade Venezuelan Bolivar for DAI, thus having easy access to a stablecoin that they can use as a safe-haven currency.
Individuals looking for a simple way to buy tokens without previously holding any crypto
Instead of buying ETH first to then exchange it for a particular ERC20 token, users can now buy them directly from a Dether seller. This is great for both “crypto-beginners” and longtime crypto-users who are particularly interested in a project or token, and don’t want to buy or hold another cryptocurrency in order to access it.
Individuals who want to bypass centralized exchanges
Centralized exchanges may be the norm for crypto trading, buying, and selling, but they aren’t without their problems. They may have delays, high fees, and don’t accept all types of fiat currency. What’s more, cash remains king in many regions like Latin America and the Caribbean. By using the “Sell Tokens” feature of the Dether app, both buyers and sellers can bypass the centralized exchange process, and benefit from a peer-to-peer system.
Sellers looking to increase their trade volumes
Crypto sellers can enjoy the benefits of being able to sell more than twenty different ERC20 tokens, without needing to have liquidity of these tokens. This represents a major opportunity to reach new potential buyers.
DApps looking to make their tokens more accessible
DApps can gain increased awareness of their project by listing their token in the Dether app, and allowing individuals across the globe to buy their token with cash in over sixteen different currencies.
By doing this, ERC20 tokens can now be purchased individuals all over the world with only a smartphone and cash. No need to go through a centralized exchange in order to use a dApp.
Be sure to fill out this form to have your token listed on the Dether App.