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What are crypto vouchers and how do they work?
Swarm crypto vouchers are similar to gift cards but are denominated in a cryptocurrency such as Wrapped Bitcoin (wBTC) or Ether (ETH). This means that the exchange rate compared to EUR, USD, GBP or other fiat currencies continuously fluctuates. Buying a crypto voucher is equivalent to buying and holding the underlying cryptocurrency.
What crypto assets can I purchase?
Vouchers are currently available in Wrapped Bitcoin (WBTC) and Ether (ETH).
What is wrapped bitcoin?
Wrapped bitcoin is a version of bitcoin that is compatible with DeFi platforms built on the Ethereum Network, like Swarm .
Where can I buy a crypto voucher from?
People will be able to purchase vouchers after using Yoti and its partner’s free app, EasyID to verify their identity. The vouchers can then be used on Swarm and redeemed via our platform.
What payment methods are accepted?
Currently, crypto vouchers may be purchased using widely accepted credit cards, debit cards, and through bank accounts that support SEPA payments.
What do I get when I buy a crypto voucher?
When you successfully complete a purchase, you will see your new voucher in the vouchers section of the Swarm platform, including the value of the cryptocurrency it is denominated in. You will also receive a copy of your voucher by email.
The funds represented in your voucher are held in custody by Swarm until you request to redeem them to your own crypto wallet.
What fees are charged for buying crypto vouchers on Swarm?
Swarm does not apply any fee for the purchase of crypto vouchers.
Currently we partner with a payment provider called MoonPay. The processing fees are charged by MoonPay, and network fees for transacting on the Blockchain are applied to all crypto voucher purchases. The processing fee varies based on payment method. The network fee, also known as gas fees, is dynamic based on network conditions and is set by transaction processors on the Ethereum Network at the time of your transaction.
MoonPay Fee Schedule
Processing Fee
Network Fee
card payments
4.5% min. €3.99/£3.99/$3.99 or currency equivalent
bank transfers
1% min. €3.99/£3.99/$3.99 or currency equivalent
What is a network (gas) fee?
All transactions made on the Ethereum Blockchain must be validated, which uses a lot of computational power. A fee is made to those who process transactions to compensate them for this use of energy.
The network fee on your voucher is calculated before you confirm your transaction and will be displayed on screen for you to check, before you make payment.
Are there any limitations I should be aware of?
Voucher purchases are currently limited to a total of (500 EUR / 600 USD / 450 GBP) in active balances at any time. A voucher has an active balance if it has not been redeemed. For example, if the total value of your active (unredeemed) vouchers is currently 400 EUR, you are able to purchase additional vouchers up to a value of 100 EUR.
MoonPay, our payment provider, imposes minimum purchase amounts, depending on the selected cryptocurrency:
For ETH, the minimum purchase is 30 USD.
For WBTC, the minimum purchase is 0.0042 WBTC.
What does it mean to ‘redeem’ a crypto voucher?
When you redeem a voucher, Swarm sends you the cryptocurrency value of the voucher to your crypto wallet address.
How do I redeem a crypto voucher?
To redeem your voucher, click the “Redeem” button on any of your active vouchers. After confirmation, we will receive your redemption request and transfer the funds to your connected wallet address.
Note that if you have not previously onboarded with Swarm, redemption requires connecting an Ethereum address and verifying your email.
You will need to set up a crypto wallet to redeem the crypto assets before you go through the redemption process on Swarm.
Can I redeem my voucher for bitcoin instead of wrapped bitcoin?
Redemption is currently only available in the cryptocurrency of the voucher. Bitcoin is currently not supported.
Can I spend my voucher?
Swarm crypto vouchers cannot currently be used to spend in stores or online. At any time, the real crypto assets they represent can be redeemed to your connected crypto wallet address.
Is Swarm regulated?
Swarm operates under regulatory license from the Federal Financial Supervisory Authority (BaFin) in Germany, provided to Swarm Capital GmbH Branch Office Berlin, and is supported by Swarm Markets GmbH (together “Swarm”). Click here for more information.
Each customer on Swarm must undergo KYC (Know Your Customer) and AML (anti-money laundering) checks, using Yoti’s digital identification software, in order to be verified to use the decentralised finance platform.
Voucher purchasers are individually responsible for compliance with local regulations applicable to the purchase of cryptocurrencies. All investments—including the purchase of cryptocurrencies—carry with them the risk of partial or total loss.
What is the Yoti app?
Yoti is a digital identity app that gives individuals a safe way to prove their identity and age online and in person with thousands of UK businesses.
People can download the app for Apple or Android phones, add their ID document and facial biometrics and Yoti verifies the identity data. Any details added are encrypted into unreadable data. Only the owner has the key to unlock the encrypted details, which is stored safely in their phone and ready to share.
Who can use the Yoti app?
For consumers. Anyone with a smartphone can download the app for free. The app accepts ID documents, including passports, driving licenses and national ID cards from over 195 countries.
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