Getting XCH in the United States isn’t as easy as everyone would like, so we’re fixing that. Later this month, the Chia Cloud Wallet will allow you to purchase XCH using ACH from any US bank account.
And yes, we are exploring adding similar payment types in Canada and the rest of the world. Non-U.S. folks have better centralized exchange on and off ramps currently so we’re prioritizing the U.S. for this.
What’s New
We’re using our new type of clawback so the delivery of XCH on chain will be instant, but will have a default clawback set to the longest possible ACH clearing time. When your funds clear, we will immediately accelerate the clawback directly into your Vault or wallet. We are working to speed up clearing, and in many cases it can clear the same day.
With our upcoming new products like peer-to-peer gaming, people are going to want a quick and convenient way to access XCH to play poker with a friend or participate in upcoming Permuto products. This purchase path provides a user-friendly experience and allows other wallet and app providers in the Chia ecosystem to offer it as an additional onboarding method too.
But we’re going to need some XCH to accomplish this.
Cold to Warm Transfer
As we’ve mentioned before, we believe that Chia Network’s current need to sell small amounts of the Strategic Reserve will come to an end this calendar year, driven by revenue from the trading of the Permuto Trusts. With the coming launch of this new product, where we will be selling XCH directly to those who need it, saying we will stop all XCH sales wasn’t a straightforward thing for us to assert.
What we expect is that, to the extent sales via ACH are material early on, they will start to offset what we need to sell via our market maker. As ACH sales increase and revenue starts to flow in from Permuto, we plan to scale down sales of XCH via the primary market maker towards zero. In the longer term, we expect that we will then start acquiring XCH to offset these direct sales and to maintain a relatively static inventory of XCH dedicated to this way to acquire XCH.
To support this process, we will shortly be transferring 1M XCH from the US Cold Wallet to the US Warm Wallet because that process takes 90 days. This will leave us with an operating cushion while ACH sales ramp up, Permuto revenue begins, and our need to sell XCH tapers.
Predictions are hard – especially about the future – but we’re excited to enter a phase where we’re only buying XCH to offset ongoing ACH on ramp sales in the future.