In brief
- MEW partnered with crypto payment processor Wyre.
- The MEW wallet allows users to buy ETH and ERC20 tokens from iOS and Android phones.
- The app replaces MEW's current mobile wallet, MEWconnect.
MyEtherWallet (MEW) today rolled out its new MEW wallet for mobile phone, which it says provides the industry's fastest way to buy ETH.
Users of the iOS or Android app can take advantage of MEW's partnership with Wyre, which makes onramps for fiat-to-crypto transactions, to buy ETH with a debit card. MEW says US customers who use ApplePay can buy ETH in under 15 seconds.
MyEtherWallet is a user-centric platform to get people up and running on the Ethereum blockchain. While it originated as a way to help crypto neophytes generate wallets, its mission has since extended into product development. In July 2018, it released the beta iOS version of MEWconnect, a "hardware-like" wallet for phones, which it followed up with an Android version.
But MEWconnect was primarily for securing funds, and the MEW website limited people to sending or trading ETH and ERC20 tokens—not buying it. The newly released MEW wallet app changes that. MEW says users can now buy ETH and ERC20 tokens and manage them from the app while retaining ownership of the funds.
Kosala Hemachandra told Decrypt that the additional features don’t mean MEW is leaving its roots: “MEW has always been a non-custodial, client-side wallet interface, leaving the user in full control of their keys and funds, and MEW wallet maintains that principle. MEW never collects or stores any user information.”
Likewise, Wyre suggested that combining the utility of mobile apps with MEW's non-custodial approach can help it stay relevant. Jack Knutson, the company's growth lead, said, "MEW is a crypto OG and we're stoked to be a part of their core offering…Mobile is taking over and will be the foundation of wallets and payments going forward.”
The service isn't free—users will be charged 3.99%, the same rate Coinbase charges US users for debit card transactions.