You Can Now Buy XTZ in the Magma Wallet
on February 10, 2021
Today, camlCase is pleased to announce another first for the Tezos ecosystem: In-app purchases of XTZ using your debit card, credit card, and other conventional payment methods for users outside of the United States. The purchased XTZ is deposited directly into your Magma wallet. Your XTZ is not stored on a centralized exchange. Nobody has custody of your XTZ except you.
In-app purchases are made through our integrated partner, MoonPay. We are pleased that MoonPay is working with camlCase as their first integration partner for Tezos, and are hopeful that support for US users will be added in the near future.
“The MoonPay team has been enthusiastic for a long time about Tezos and its growing ecosystem, and we’ve been impressed with the work done by the camlCase team to integrate MoonPay into their Magma wallet, which offers one of the best integrations and onramps into Tezos we’ve seen to date,” offered Halsey Huth, Head of Growth & Partnerships at MoonPay.
Buying XTZ with fiat currency is supported in Magma anywhere that MoonPay supports it. MoonPay keeps a list of countries and jurisdictions updated here, and regularly adds new supported locations. As of this announcement, this feature is available in 162 countries.
Depending on your location and your device, MoonPay supports the following payment methods:
Instant bank transfer with Open Banking
And ACH transfers are coming soon.
You’ll know that you’re in a supported location if you see the Buy button at the top of the Wallet screen in Magma. It’s just to the left of the Send and Receive buttons which are in the upper-right corner of this screen. If your location is not yet supported, MoonPay is probably working on bringing availability to you. (Note that Magma determines your country based off of your device's Language and Region system settings.)
To buy XTZ, start by tapping that Buy button. Enter the amount of XTZ you’d like to buy. (You can select your local currency in the MoonPay menu as well.) Without leaving Magma, you’ll be taken through a quick registration and an identification verification process (KYC / Know Your Customer) specific to the regulations in your region. This might involve uploading photos of your driver’s license, a utility bill, or other documentation. This information passes directly to MoonPay and is not captured by Magma or camlCase in any way.
Once approved, you can proceed to add a payment method and make your first in-app purchase!
MoonPay charges a fee for their service, which is shown during the purchase process. As of this writing, camlCase has no plans to add any additional transaction fees. To learn more about how MoonPay works or to contact their support, use the built-in menu within the Buy interface.
Thanks to Magma’s native integration of Dexter, our decentralized exchange, users who buy XTZ then have immediate exposure to stablecoins, as well as Bitcoin (BTC) and Ether (ETH) through the wrapped versions of those tokens, tzBTC and ETHtz.
One of our core goals at camlCase is to grow the overall user base of Tezos. We believe that expanding the adoption of Tezos means removing barriers to entry. In-app purchase with fiat currency, without having to first sign up for custodial exchanges like Coinbase or Binance, is one of the important barriers to knock down to bring new users onto Tezos.
We’re excited to see how this feature helps make it easier for our existing users to buy XTZ, and for users who have never used Tezos before to make their first entry into the cryptocurrency ecosystem with the best community.
To learn more about this feature, see our detailed walkthrough of this feature in a separate post.
PS. This release also adds support for Edo, the latest Tezos protocol upgrade.