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10 sats \ 5 replies \ @billiam 8 Mar 2023 \ on: Bitcoin App Relai Raises $4.5 Million Led By Jeff Booth’s Ego Death Capital bitcoin
Good, it's a Bitcoin only, self-custody app. However, it's KYC because of your bank account number you transfer the fiat with. Fine to get your first coins but wise to build a non-KYC stack as well, you never know.
That's not what KYC means. It is a specific set of legal reporting requirements that are only present on the bank side and NOT exchange itself.
That it is connected to a bank account means it may be traceable and might eventually be explicitly recorded as a bitcoin purchase, but when have you known the fiat world to be that confident.
Any large purchase of Bitcoin is likely to originate from a bank account unless you are buying with something other than fiat e.g. a car, a house, a company, etc.
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I don't agree. It's KYC as your IBAN is KYC'ed.
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Are you sending funds to Relai or to some other peer? I suppose if funds go straight to Relai it's no ideal.
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Direct to Relai's bank account. Also the btc address to receive the sats will be re-used (they do not create new receiving address for each funding).
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Ah, ok, worse than I realized... EgoDeath funding trivial apps, lol, nothing new there. I've talked to them, mostly run by some guy whose claim to fame is starting a lifestyle business selling hot sauce. They are the peak of fiat within bitcoin startup funding, and actually worse than the fiat of fiat venture capital that originally brought me to bitcoin, which is pretty ironic.
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