Multisig bitcoin vault maker Theya announced yesterday it will enable US users to purchase bitcoin through their app and have it sent directly to self-custody via hardware wallets like Ledger, Trezor, Foundation and ColdCard or through its multisig vaults.
🚀 BUY BITCOIN LAUNCH 🔥
We’re launching a much requested, game-changing feature that allows US-based users to buy Bitcoin directly into self-custodial vaults.
Say hello to low fees and goodbye to complex transfers from exchanges! pic.twitter.com/aWB9vwDErZ
— Theya Inc (@TheyaBitcoin) August 20, 2024
This unique feature not only includes instant funding and low fees, but it removes the hassle of moving bitcoin from an exchange into self custody.
“We’re thrilled to introduce this much-requested feature,” said Sriram Bhargav Karnati, co-founder of Theya, in a press release shared with Bitcoin Magazine. “By enabling direct bitcoin purchases into self-custodial storage, we’re eliminating 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, which ensures fast and secure bitcoin purchases, and as well as the elimination of address whitelisting (obtaining 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 Cybrid, a regulated payment platform registered as a Money Service Business (MSB) in the US. Cybrid manages the Know Your Customer (KYC) process so that Theya doesn’t have to collect, store or process the personal information of its customers.
“It’s a significant step forward in making Bitcoin acquisition both accessible and secure,” added Karnati. “We believe in empowering users with choices in how they manage their Bitcoin, and we’re dedicated to developing tools that make self-custody straightforward, powerful, and user-friendly.”
For more information on Theya and Karnati, see our Founders piece on the company and its co-founder.