To obtain a KYCNFT an individual must be validated and verified by the EnreachDAO KYC platform.
The KYCNFT enables holders to activate a FIAT ramping solution directly mapped to the individuals identity.
Subject to the level of activation the user opts for, the individual will be issued with a bank account and/or debit card (where applicable).
Upon issuance of the bank account, the user is able to deposit EUR, USD or GBP (subject to residency jurisdiction) which upon receipt of cleared funds, the user will receive an equivalent amount of nFIAT.
An example scenario for on ramping FIAT into DeFi is as follows:
Bob is a KYCNFT holder with a EUR bank account
Bob deposits €10,000 into his EUR bank account
Bob mints 10,000 nEUR into his wallet
€10,000 is debited from Bobs EUR bank account
€10,000 is credited to EnreachDAO GBP nReserve bank account
Bob receives 10,000 nEUR out of his wallet
An example scenario for off ramping from DeFi into FIAT is as follows:
Stacy is a KYCNFT holder with a EUR bank account
Stacy receives 10,000 nEUR into her wallet
Stacy redeems 10,000 nEUR from her wallet
€10,000 is debited from EnreachDAO EUR nReserve bank account