Cashing out your crypto payment
How to take the payment you received in some crypto currency and convert it into your national currency of choice.
Cashing out your earning
So you just got paid for your work as a Web3 developer. Congratulations! But now you would like to spend your hard earned (not yet) cash on buying lambos or paying rent.
There are a couple different ways of converting your crypto currency into fiat currency (your national currency of choice):
The fungible token to NEAR to Binance route
In this route, we will first swap your received funds into NEAR then send it to the Binance centralised exchange where we swap it into fiat. (this is the recommended path to take)
Swapping your USDC or other Fungible Token to wNEAR
Let’s say you got paid in USDC or USN or some other stable coin. (If you got paid in NEAR, feel free to skip to the
We will be swapping into wNEAR. wNEAR (or wrapped NEAR) is a fungible token on the NEAR blockchain that can always be exchanged 1-to-1 into NEAR. This is needed, as swapping between fungible tokens are easier and thus better supported then swapping between a fungible token and the chain native currency (NEAR).
We will now swap from USDC to NEAR.
- Go to ref.finance (which is a decentralised exchange or DEX)
- Connect your wallet
- Chose to the token you will be swapping from (USDC in this case)
- Select wNEAR as the token to swap to
- Enter the amount of USDC you want to swap, or just click
maxto swap all of it
Swapand confirm the transaction.
You now have wNEAR the same value as your USDC (minus the fee taken by the DEX, which is about anywhere between 0.35% to 1% after accounting for price slippage)
Swapping wNEAR into NEAR
Next we will be swapping wNEAR into NEAR.
- Go to the NEAR Wallet (wallet.near.org)
- Click on
- Set it so that From is wNEAR
- Select the amount of wNEAR you want to swap to NEAR, or just click
Maxto swap all of it
- You will see that you should receive the same amount of NEAR. Review and confirm the transaction.
Sending your NEAR to an exchange
In this step, we will move funds to a centralised exchange, such as Binance (some other exchanges also support NEAR, but Binance is the most established).
First, you will have to create an account at binance.com. This requires providing some personal data, which is standard on any centralised exchange. In some cases it may take a couple days for the account to be verified.
Once you have an account:
- Go to the
Fiat and Spotpage under the wallet dropdown.
- Search for
- For coin make sure
NEAR Protocolis selected
- For Network make sure
NEAR Protocolis selected
- This will generate a NEAR wallet address that is linked to your Binance account
- Go to your NEAR Wallet
- Specify the amount you want to send. For safety, it is recommended that you first send some low amount (0.1 NEAR) to the address first, and if that succeeds, then you send the full amount.
- Enter the Binance address under
Send toand confirm the transaction
- The NEAR should arrive in binance within about a minute
Finally, you can convert your NEAR into fiat on the exchange and withdraw the funds.
To do this on Binance:
- On the same
Fiat and Spotscreen, find NEAR again, and click
- Enter the amount of
NEARyou want to convert, and the fiat currency you want to convert it to.
- Confirm the conversion
- Back on the
Fiat and Spotscreen you should see the funds in the Fiat Balance section.
- You need to setup a bank account to transfer to (depending on currency and availability). Otherwise you’ll need to use a VISA withdraw, which has a significant transaction fee. This may require you depositing some money into the Binance account from your bank account, however, you will be able to withdraw this with the rest of your funds.
- Select the method of transfer and withdraw the funds to your account.
You should now have your funds in your account, ready for you to spend. But remember, you are responsible for paying the appropriate taxes in your jurisdiction!
If you want to have to withdraw money you got paid for building crypto projects, we are hiring!