Coast is set to launch its innovative on- and off-ramp services on both PulseChain and Ethereum, ushering in a new era of seamless transactions for cryptocurrency users. With a focus on user convenience, transparency, and compliance, Coast aims to help PulseChain users bridge the gap between traditional finance and the crypto world.
What is Coast
Coast is a tech company that aims to bring vertical integration to Pulsechain by facilitating fiat on-ramps from users bank accounts to on-chain accounts. Coast doesn’t hold custody of user funds and is neither a money transmitter nor a securities brokerage dealer. This is why they don’t require any licence to operate.
The money from the user’s bank account flows to a digital account and then to the PulseChain account, where the user is in full control of it. What Cost does is help users out with this entire process.
Cost issues also a 100% fiat-backed stablecoin, CST, which provides a stable value asset for the Pulse community.
Coast’s stablecoin, CST, is the first PulseChain native stablecoin. It offers a different approach to algorithmic stablecoins. Unlike traditional algorithmic stablecoins that rely on complex algorithms to maintain stability, CST is secured one-to-one by fiat assets held in a custodial account. This ensures that each CST token is backed by an equivalent amount of fiat currency, instilling trust and stability in the token.
It’s 100% backed by USD and has no other risk assets, such as bonds or crypto. USD reserves are held in a banking partner account, Prime Trust, which is FDIC-insured and subject to audits. Prime Trust is fully compliant with and regulated by US laws. Users mint CST by moving USD to the collateral account. CST is minted to their PulseChain account, and when they want to go back to USD, they burn CST.
Coast provides a dashboard to easily visualise the total number of USD in its treasury account, updated in real time.
Onboarding and money flow
Coast’s onboarding methods are designed to make it effortless for users to enter the crypto space. The process starts with a user’s bank account, which is seamlessly connected to Prime Trust. Everyone needs to undergo a KYC process, which is always a requirement when dealing with fiat currency.
Once the user’s bank account is connected to Prime Trust, they can create a digital account to manage their funds. This digital account acts as a bridge between the user’s traditional finances and the crypto world, enabling smooth transitions between fiat and cryptocurrencies. Fiat on-ramping is via credit or debit card, bank transfer, or Wire. Once the user has funded the digital account, he can receive USDC or CST to his Ethereum or PulseChain address in seconds.
When it’s time to off-ramp, Coast makes it as simple as possible for users. They can simply burn CST, and this allows the money to move from the CST account to their digital account and then back to their bank account with just a few clicks, ensuring a smooth transition from the crypto world back to traditional finance. The oracle verifies the veracity of all the processes.
Users also have the option to off-ramp to external wallets, which means they can send their funds to any wallet they own the private keys to. This grants users full control over their assets, promoting the decentralised nature of cryptocurrencies.
Fees and WAIT token
To cover operational costs and provide a seamless service, Coast implements a fee structure that minimises costs for users. The majority of the fees are placed on the movement of funds between a user’s bank account and a digital account, while transactions between cryptocurrencies are free of charge.
In the past, Coast has also introduced the WAIT token to the HEX community, and now it’s used within Coast as well. Staking WAIT reduces their on-ramp fees. The fee is set at 4%; however, the more WAIT tokens a user stakes, the lower their on-ramp fees become, providing a unique incentive for active users. Over time, WAIT token holders will enjoy more benefits, including fee discounts. Coast will also open a referral program. The WAIT smart contract has been audited by SolidProof.
Coast’s launch of on- and off-ramp services on both PulseChain and Ethereum marks a significant milestone in the cryptocurrency space. With an emphasis on user convenience, security, and compliance, Coast simplifies the process of onboarding and off-ramping, making it easier for individuals to embrace cryptocurrencies.
The partnership with Prime Trust ensures that user funds are secure and that transactions are executed with utmost efficiency. With its innovative fee structure, the WAIT token, and a stablecoin backed by fiat reserves, Coast is set to redefine the landscape of on- and off-ramp services on PulseChain.
Coast is initially available to customers residing in the USA (all states except New York), the UK, Canada, and Australia. They are already approved to operate in almost all countries around the world, with some exceptions.