Currency conversion use cases on Palremit

Here are the key currency conversion use cases on Palremit:

Fiat-to-crypto conversion

Palremit allows you to convert your local fiat currency, like the Nigerian Naira (NGN), into popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). This enables you to easily acquire digital assets on the platform.

• Use case

Buy and hold crypto assets like Bitcoin, Ethereum and Solana in your Palremit wallet, and take advantage of the market upturn.

Crypto-to-fiat conversion

You can also convert your cryptocurrencies back into fiat currency on Palremit. For example, you can swap your BTC, ETH or USDT holdings into NGN, which you can then withdraw to your local bank account.

• Use case

In need of cash? Sell off your crypto to fiat currencies easily and withdraw to your local NGN account. 

Is your crypto holding stuck in third-party exchanges like Binance and KuCoin that have delisted naira withdrawals, send your crypto assets to designated cryptocurrency addresses (e.g., Palremit BTC, ETH, or USDT addresses with Bitcoin, Ethereum, Solana, BNB Smart Chain, and Tron blockchain networks all available) on your Palremit account and swap to fiat currencies on Palremit.

Crypto-to-crypto conversion

Palremit supports swapping between different cryptocurrencies. You can exchange your BTC for ETH, or USDT for BTC, all within the Palremit app. This allows you to manage your digital asset portfolio conveniently.

• Use case

Buy into BTC, Ethereum, or Solana with your USDT stablecoin, and take advantage of the market upturn.

Fiat-to-fiat conversion

While Palremit currently does not offer direct fiat-to-fiat currency conversions, you can work around this by converting your fiat to cryptocurrency and then converting the cryptocurrency back to another fiat currency. Please note that we earn from spreads in a transaction like this. 

The company is looking to add more fiat currency options in the future.

• Use case

Need to save money in the United States Dollar (USD)? Convert your Nigerian Naira (NGN) to USD easily on Palremit.

The key benefits of using Palremit for currency conversions include:

• You get a secure multi-currency digital wallet out-of-the-box to store and manage your fiat and crypto assets in one place 
• Competitive exchange rates with low fees
• Instant transactions compared to traditional remittance methods
• Compliance with regulatory requirements through KYC verification

Whether you need to buy crypto, sell crypto, or swap between different currencies, Palremit provides a convenient and reliable platform to handle your cross-border financial transactions.