Crypto payments are fast, and their relatively lower fees compared to traditional financial systems make them attractive to freelancers and businesses. These advantages allow them to receive payments from international clients efficiently. However, many people still struggle to understand the crypto market or how it works, creating barriers to adoption.
Common concerns from potential crypto users include:
– The market’s volatility and associated risks.
– Lack of understanding about where to start.
– Complexity of the technology behind it, which seems to cater only to the tech-savvy.
Introducing Bank Direct by Crane
To overcome these challenges, Crane, a blockchain-powered payment platform, introduced Bank Direct. This feature allows freelancers and businesses to receive crypto payments directly into their bank accounts without needing to interact with blockchain technology. Bank Direct simplifies crypto payments, making it easy for users to benefit from crypto without handling the technical complexities.
How Bank Direct Works
Bank Direct allows you to receive crypto directly in your bank account. Instead of manually converting the digital currency, Crane automatically converts it into the naira equivalent based on the current market rate. The funds are deposited into your bank account within 120 seconds.
1. Send your wallet address to your client.
2. The crypto payment is automatically converted and transferred as naira into your bank account.
This process is as straightforward as a regular bank transfer, except your client sends crypto, and you receive its naira equivalent.
Setting Up Bank Direct
1. Download and log in to the Crane app.
2. Go to settings and activate the Bank Direct feature.
3. Complete the Know Your Customer (KYC) Tier 2 requirements using your Bank Verification Number (BVN) or National Identity Number (NIN). Then, choose the local bank account to receive your payments.
Benefits of Using Bank Direct
1. Super-fast transactions: Crypto transfers are typically quick, but Bank Direct makes them even faster, completing transfers in 120 seconds.
2. Security: Crane uses two-factor authentication and KYC registration to ensure your account is secure.
3. Ease of use: Whether you’re familiar with crypto or not, using Bank Direct is simple. The system handles conversion and deposit processes for you.
Frequently Asked Questions
1. What does Crane do?
Crane enables users to receive cryptocurrency payments and convert them into local currencies like the Nigerian Naira.
2. Can I send crypto on Crane?
No, Crane only allows users to receive crypto and convert it to local currencies. It also facilitates bill settlements like airtime and data purchases.
3. Which cryptocurrencies are supported?
Crane supports Binance (BNB), Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Tron (TRX).
4. Can I change my designated bank account?
Yes, you can update your bank details at any time.
5. Will my bank account be blocked for linking it to Crane?
No, linking your bank account to Crane will not result in your account being blocked. Crane ensures payments are routed to the correct account number.
