When you sell your Lofty tokens via Marketplace Trading, you will receive your funds in USDCa (crypto) until Lofty also supports US dollar (USD) payout. These funds can then be reinvested using your Lofty Wallet or withdrawn to an external wallet / platform like Kucoin and Pera Wallet. This guide shares how to optionally convert your USDC crypto proceeds to USD after they have been withdrawn.
How to convert USDC to fiat
USDCa, the Algorand version of USDC is not yet widely supported on most crypto exchanges.
Because of this, you will first need to convert your USDCa funds into Algorand (ALGO) before you can transfer and withdraw your funds into USD.
USDCa can easily be converted to Algorand using the swap feature available on both the Defly Wallet and Pera Wallet platforms. To initiate a swap, you will need an external Algorand wallet on either Defly Wallet or Pera Wallet. For further instructions on how to create an external Algorand wallet, click here.
Once your wallet has been created, you can transfer your crypto funds (USDC or Algo) from your Lofty Wallet into your external wallet.
If this is the first time sending the USDC asset to your external wallet, you will first need to complete the asset opt-in step for USDCa (Asset ID: 31566704) before the funds can be transferred.
You will be required to hold a small Algorand balance to fund the opt-in and swap transactions. If you are unable to complete these transactions due to the Algorand fee required, please reach out to the Lofty Customer Support team.
In the example below, we will use the Pera Wallet to swap USDC into Algorand. These Algorand funds will later be transferred into an exchange like Coinbase where they can be sold for USD and withdrawn into your bank account.
Start by opening the Pera Wallet app, as shown below. Next, click on the yellow middle button to open up the wallet menu options.
Next, click on the "Swap" button to initiate a conversion of your USDC funds
You will then select the crypto account holding your USDC funds to initiate the swap transaction.
Now, you can set up your desired USDC to Algo swap by clicking on the From field and selecting USDC. Next, click onto the To field and select Algo, as shown below. You can now enter your desired swap amount in either field and click "Swap" to view the Order Details
You will then be presented with the Swap Transaction details. Review this and click "Confirm Swap" to complete the conversion.
Once your transaction is processed successfully, you will see the following Swap Completed screen. Your USDC funds are now available as Algo.
These funds can now be transferred into a crypto exchange such as Coinbase, Binance, or Kraken where you can convert and withdraw your funds as USD.
Please note the example included below uses the Coinbase exchange. However, any exchange supporting Algorand and fiat withdrawals can be used
How to send your Algorand to Coinbase
The next step in this process requires transferring your crypto funds from your external Algorand wallet onto Coinbase.
Send Algorand to Coinbase using the Coinbase Web App (Coinbase.com)
From the Dashboard, select Send/Receive at the top of the screen or Pay from the left side of the screen
Select Asset and choose Algorand
Once the asset is selected, the QR code and address will populate
Enter the wallet address or scan the QR code in your Algorand wallet, and send the Algorand to your Coinbase account
Send Algorand to Coinbase using the Coinbase Mobile App
Tap Receive on the Home or Pay tab.
Select the asset you would like to receive and choose Algorand.
Once the asset is selected, the QR code and address will populate.
Enter the wallet address or scan the QR code in your Algorand wallet, and send the Algorand to your Coinbase account.
Once the Algorand is in your Coinbase / crypto exchange account, you can initiate a sale of the Algorand funds into USD as shown in the video below.
Please note that the video guide below uses Bitcoin (BTC) — you will instead select Algorand on the first step. The rest of the process will remain the same.
Once your crypto funds are sold for USD, you can withdraw the USD to your bank account, as highlighted in the video below.