Something we, Sorare managers from all around the world, have been crying for is finally coming to fruition – the Sorare Cash Wallet is here!
If you fell in love with the concept of fantasy sports on Sorare but until now couldn’t participate because you have zero knowledge or interest in the world of cryptocurrency, continue reading.
Starting from August 2023, all users are allowed to use cash instead of Ethereum – whether talking about buying and selling cards, or depositing and withdrawing funds.
In this article, I will explain exactly how the Cash Wallet on Sorare works and how you can get started on your journey.
Sorare Cash Wallet Explained
We have had to wait quite a bit for the introduction of the wallet but it’s finally here and it’s time to embrace it.
The Background
The discussion regarding the Sorare Cash Wallet has been going on among the community members pretty much since the launch of the platform back in 2019.
Even though the concept of Sorare has already lured more than 1 million active users to the world of fantasy sports, many considered the requirement to deposit Ethereum (cryptocurrency) in order to start enjoying the game to the fullest as a stumbling block.
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Listening to the voices of a large section of the community, after more than a year of developing the mechanism, Sorare officially announced the launch of the new wallet on the 1st of August, 2023.
Cash Wallet Overview
The new Sorare Cash Wallet is a virtual wallet with which you can buy, sell, and trade Sorare digital player cards using three currencies: Euros, British Pounds, and U.S. Dollars.
After the introduction of the wallet, it’s now also possible to win rewards in cash instead of Ethereum – as long as you want to.
To make all of this happen, Sorare joined forces with Mangopay, a top payment provider known for their great services, and used by big names like Rakuten and Ticketmaster.
For maximum security, your digital player cards will still be stored as NFTs in Sorare’s ETH Wallet. The Cash Wallet just makes it even easier for you to manage your cards and handle cash deposits and withdrawals.
Without a shadow of a doubt, it’s definitely a big step forward for the Sorare community.
Supported Currencies (and Countries)
To begin with, the wallet will work with Euros, British Pounds, and U.S. Dollars.
But that doesn’t mean you have to live in a country with any of the three currencies to use cash on Sorare! You can still use the Cash Wallet with your local currency. Just keep in mind that your bank might charge a small fee for the conversion.
The Cash Wallet can be used in 215 countries, but there are a few places where it won’t be available. If you live in one of those unsupported areas, you can still use the ETH Wallet.
When you activate the Cash Wallet, you have to choose between Euros, British Pounds, or U.S. Dollars as your main currency. Once you make your choice and verify your account, you can’t change it later.
The good news is that no matter which currency you choose, you’ll still be able to buy, sell, and trade with other Sorare Managers who might use a different currency.
Using the Cash Wallet for Deposits
You have different ways to deposit and store money in the Cash Wallet.
First, you can deposit funds from your bank account into the Cash Wallet. This works for all supported currencies like Euros, British Pounds, and U.S. Dollars.
Another option is to use a credit or debit card to deposit money. The same three currencies support this method.
In the future, Sorare plans to include ApplePay and Google Pay support, as well as other popular methods like PayPal.
Using the Cash Wallet for Withdrawals
You can securely withdraw money from the platform and have it sent to your saved bank account with just a few clicks.
But remember, you can’t directly withdraw Ethereum (ETH) from your ETH Wallet to your bank account. You still need to follow the usual ETH withdrawal process.
Using the Cash Wallet to Buy Cards
With New Card Auctions, Managers can use their favorite payment method when bidding on auctions (ETH Wallet, Cash Wallet, or credit/debit card payment).
When it comes to Manager Sales, sellers can choose to get paid only in cash, only in Ethereum (ETH), or in both cash and ETH. And this affects what options buyers have:
- Cash-only buyers can see any listing where the seller accepts cash. But they won’t see listings that only accept ETH.
- Buyers who have both cash and ETH in their wallets can see all listings. They can choose to use either cash or ETH to make their purchase
- ETH-only buyers can see all listings, but they won’t be able to buy cards from sellers who only accept cash
When it comes to the New Card Auctions, Managers can choose how they want to pay when they bid on auctions.
As far as Manager Sales are concerned, the prices will be based on the seller’s chosen currency (EUR, GBP, or USD). But if it’s an ETH-only listing, the prices will be based on Ethereum.
