Hello, I am relatively new to Anchor Protocol and I am loving it!
I am about to start a new assignment that will be paid in USD. I was wondering if there are any solutions available in the crypto space to provide pseudo bank details to my employer to pay my paycheck directly to me in USD but to credit my Terrastation wallet? I feel that if I ask them to pay me in UST to my terrawallet, this will be met with some critisicm for which I would like to avoid.
Alternatively, I will need to open a USD account at a conventional bank and on ramp to the protocol in the usual manner by buying UST… Hoping I can avoid doing this and be able to somehow be credited in UST each pay day…
This I think would make this protocol even more popular and help with adoption!
No such thing yet and probably not until fed’s sort their shit out (I’m in a similar boat as you).
My advice is to use thorchain. You can ramp on by buying bitcoin (from anywhere anyhow on the planet), then use thorchain to trade bitcoin for UST and send it directly to your Terra Station wallet.
The most efficient way to do this is to use thorwallet as your custody wallet (they’re supporting luna/ust very soon), so you would buy bitcoin from a broker (for me I use Shakepay), send to your thorwallet, convert to UST on thorwallet, connect your thorwallet to Anchor, from their your good to go.
ramp off is the same thing in reverse, it’s honestly about as competetive as banks are and if your using shakepay visa debit you basically have everything a bank can offer just fully decentralized (with the exception of shakepay being a centralized broker).
I think in the USA you have access to coinbase, kraken, and gemini, I believe thorwallet is available in the USA as well so you would ramp on btc from there I suppose. Personally I don’t like CEX’s so I would suggest Peer 2 Peer like localbitcoins. But gemini has their own crypto card now so It would be the most similar to shakepay. ftx is another exchange in the states as well.
I don’t know of any services but we’ve been testing payroll at the place I work (small tech engineering company). We’re offering bonuses in UST for everybody that basically gets added onto your check but instead of ACH/paycheck it gets set as Cryptocurrency paid or something as if it was a cash paycheck (all taxes taken out, paid from net pay). Since they’re pushing 20k+ at a time into UST, all the fees in and out of the network aren’t that bad, and it sits a few days making 20% instead of being sent out to ADP a week in advance, making nothing. You can request more of your check, and I have my savings going in, but realistically your whole paycheck into UST wouldn’t make a ton of sense yet(without another source of income). I’m the one that pitched it to them as a nice recruitment/retention tool.
Message me if you want more info or help. I don’t really want to give too many specifics on their behalf, but depending on the business size and type, they may or may not want to do something like this. At the end of the day though, it’s no different than getting a check, just more work for them so they’d need to be a business that is supportive of crypto or has enough other employees interested.
If none of that works like you said you’d be on your own with a week of waiting and a bunch of fees even if any CEX got approval for ACH direct deposit to your account. I think before we saw a service doing this, we’d need to start seeing a general acceptance for crypto in mainstream banking, Chase (probably others) still closes accounts for even just sending money to an exchange sometimes, so getting accepted into the ACH network as a bridge is a few years out I’d guess.
Is this commericial? States compliant? I wouldnt mind this kind of service but it would have to be legitimate for my boss to sign off on.
This might be an interesting integration with Alice app so that you can bypass the banks and people can spend their bonuses and real world locations without needing a bank outside of the Alice app
Outlet finance just tweeted this. They don’t offer the full anchor APY though.