The new feature of Theya simplifies the process of transferring bitcoin from an exchange to a secure self-custody arrangement.
Multisig bitcoin vault manufacturer Theya announced yesterday that it will allow US users to purchase bitcoin through its app and have it sent directly to self-custody via hardware wallets such as Ledger, Trezor, Foundation, and ColdCard, or through its multisig vaults.
This distinctive feature eliminates the inconvenience of transitioning bitcoin from an exchange to self-custody, in addition to providing immediate funding and low fees.
In a press release distributed to Bitcoin Magazine, Sriram Bhargav Karnati, co-founder of Theya, expressed his enthusiasm for the introduction of this highly requested feature.
Another significant advantage of this new feature is the rapid identity verification process, which guarantees secure and rapid bitcoin purchases. Additionally, it eliminates the need for address whitelisting, which involves obtaining permission from an exchange to transmit bitcoin to a specific address.
Presently, the new feature employs the ACH payment system to facilitate bitcoin purchases, and Theya intends to implement a wire transfer option for larger purchases.
Theya collaborated with Cybrid, a regulated payment platform that is registered as a Money Service Business (MSB) in the United States, to facilitate ACH transfers. Cybrid handles the Know Your Customer (KYC) procedure, thereby alleviating the need for Theya to collect, retain, or process its customers’ personal information.
Karnati further stated, “It is a substantial advancement in the accessibility and security of Bitcoin procurement.” “We are committed to the development of tools that simplify, enhance, and simplify the process of self-custody, thereby providing users with the ability to manage their Bitcoin at their discretion.”
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