Theya unveils direct bitcoin purchase feature
At present, this feature utilizes the ACH payment system for bitcoin purchases, with intentions to roll out a wire transfer option for larger transactions soon. This progression is particularly appealing to those who prioritize both security and convenience in their bitcoin transactions.
This feature’s uniqueness lies in its capacity to avoid the conventional, often complicated, process of moving bitcoin from an exchange to a self-custodial wallet. Users are now able to purchase bitcoin and have it directly deposited into their selected self-custody method, all while benefiting from minimal fees. This marks a significant improvement in making the bitcoin buying experience simpler and more approachable.
Sriram Bhargav Karnati, co-founder of Theya, mentioned that this feature was highly anticipated by the community. “We’re excited to launch this long-awaited feature,” Karnati stated in a press announcement. “By facilitating direct bitcoin purchases into self-custodial storage, we’re removing the necessity for complicated transfers from exchanges and delivering our users unmatched flexibility in how they acquire and manage their Bitcoin.”
Theya, a creator of multisig bitcoin vaults, has announced an innovative feature for users in the US, enabling them to buy bitcoin directly via their app and transfer it instantly to self-custody. This advancement is a pivotal shift for those who wish to securely store their bitcoin in hardware wallets like Ledger, Trezor, Foundation, and ColdCard, or within Theya’s proprietary multisig vaults.
Advantages and security improvements
Source: bitcoinmagazine.com
A further key benefit is the removal of address whitelisting. Normally, when buying bitcoin through an exchange, users are required to undergo the tedious process of obtaining approval to transfer their bitcoin to a specific address. This often entails waiting for authorization, which can be both frustrating and lengthy. Theya’s new functionality eliminates this requirement, enabling users to send their bitcoin straight to their self-custodial wallets without any extra steps. This not only saves time but also lessens the possibility of mistakes or delays during the transfer.
Theya’s new feature represents a major advancement in making bitcoin acquisition both straightforward and secure. By tackling prevalent issues like complex transfers, address whitelisting, and data privacy concerns, Theya empowers users to fully manage their bitcoin assets in a manner that is both simple and secure.
Besides these security attributes, Theya’s use of the ACH payment system for bitcoin purchases provides a trustworthy and widely accepted method for fund transfers. ACH transactions are recognized for their low fees and user-friendliness, making them an enticing option for users aiming to buy bitcoin without facing high transaction fees. For anyone looking to make larger acquisitions, Theya plans to introduce a wire transfer option, offering even greater flexibility and ease of use.
Theya’s new feature isn’t solely about ease of use; it’s also equipped with numerous advantages and security upgrades that make it a standout choice for bitcoin aficionados. A significant advantage is the rapid identity verification process. This efficient KYC (Know Your Customer) system guarantees that users can buy bitcoin promptly and securely, avoiding the typical delays seen with conventional exchanges. By collaborating with Cybrid, a regulated payment service registered as a Money Service Business (MSB) in the US, Theya has successfully alleviated the responsibility of managing personal information. This ensures that Theya itself does not need to collect, retain, or process customer data, significantly diminishing the risk of data breaches and enhancing user privacy.
The security aspect is also enhanced by the implementation of multisig vaults, which require several signatures to authorize a transaction. This adds an additional layer of defense against unauthorized access, making it significantly more difficult for malicious entities to access a user’s bitcoin assets. For individuals who prefer hardware wallets, Theya’s compatibility with well-known options like Ledger, Trezor, Foundation, and ColdCard ensures users maintain complete control over their private keys, further strengthening the security of their possessions.
