Transferring Funds From Near Wallet to Fiat

Near Foundation Grant

My company Mu Methods recently received a grant of $50,000 from the Near Foundation to build an identity protocol for seed phrase recovery, private key generation, and dapp connectivity. The award was in nUSDC to my Near wallet, a form of USDC on the Near network. I immediately needed to utilize a portion of this award to pay USD invoices. I could not transfer the nUSDC directly to my Binance account to then transfer to my business bank account. What to do?

Rainbow Bridge

I used Rainbow Bridge. It could not connect to my Binance account directly, but does support Metamask.

Rainbow Bridge connecting Near Wallet to Metamask
Rainbow Bridge connecting Near Wallet to Metamask

I connected the Metamask account I was transferring to and the Near wallet I was transferring from in the upper right hand box. The transaction took 16 hours to complete. However, the entire process only cost ~$25 in total gas fees, or .125% on a $20,000 transaction. This includes the fees to transfer the USDC from my Metamask account to my Binance account.

Once the USDC reached Binance I swapped it for USD and transferred it to my business bank account.

Mu Methods

Our protocol is a solution for identity management that will solve seed phrase recoverability, connecting cryptographic accounts, and storing verified credentials. With this foundational network your crypto wallet will transform into the singular access point of your digital identity. Engaging with every platform will be one-tap returning identity ownership back to the user.

Follow our journey here:


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