To convert ada to Ksh, you need to have 4 things:
- A Cardano wallet
- A bank account
- A debit or credit card linked to your bank account
- A Coinbase account
Getting Set Up in Coinbase
We will assume that you already have a Cardano wallet, bank account and a bank card. (If you need a Cardano wallet, see instructions here) The final thing you need is a Coinbase account. Here are the steps to create one:
- Go to Coinbase.com
- Click on “Get started” to register an account
- Fill in the required fields and create a password
- You will receive an email from Coinbase with instructions to verify your email address
- Finally, You will be redirected to your Coinbase account!
Converting $ADA to Ksh
Step 1: Send ADA from your Cardano wallet to your coinbase account
On the right side of the Coinbase interface, there is a “Send and Receive” option. This is the same option that is in your Cardano wallet in case you want to send or receive ADA. Click on it and choose the “Receive” option in order to get ADA from your Cardano wallet.
You will need to choose the network from which you want to receive your cryptocurrency from. The options are Cardano, Ethereum, Bitcoin, among others. In this case, we will choose the Cardano network.
Once you have selected "Cardano," you will see a receiving address.
Copy this address. You will use this address to send $ADA from your Cardano wallet to your Coinbase account.
In your Cardano Wallet, click “Send.” Use the receiving address you just copied, set the amount of $ADA you want to send, and enter your spending password to finalize the transaction.
Once the ADA gets to your coinbase account, you will see its value in KES (Kenyan Shillings - or your local currency)
Step 2: Click "buy and sell"
Next to the “send and receive” option, there is a buy and sell option. This is where you will be essentially selling your ADA to get Kshs. You will be prompted to fill out a form where you will need to put your postal code, your year of birth, and a picture of your identity card among others.
You will then click on the “Sell” option and you will be prompted to add a payment method.
Click on it and continue with the process.
Fill in your bank card details.
Then click “Add card.”
Now go back to the “Buy and Sell” option and click on “Sell.” Make sure to choose Cardano on the sell option. You will notice that your payment method has also been added.
Make sure to choose the amount that you wish to get from your sale of ADA based on the amount available. For example, 400 ADA is about 20,000 Kenyan shillings today, so you could choose to sell 300 ADA which is about 15,000. So you put the 15,000 where it says “KES”. Then click on “sell Cardano”
You will then be able to see your order preview:
Click "Sell Now" You will then receive a prompt stating that your order is submitted
Click on “Done”
And that’s it, You have successfully traded your ADA for Kenyan Shillings!
You should expect to get a message from your bank acknowledging the transaction and an email from coinbase. This is how the email will look:
You can clearly see the amount you expect to get in your bank account.
When you click on “View sell”, you will see that your Cardano wallet balance has been reduced based on the amount of ADA in Kenyan shillings that you sold.
This sale happens almost immediately and you will be able to see the money in your bank account when you check your account balance.
There are many ways to participate in Web3 economies to earn and trade crypto asset, like Cardano $ADA. Knowing how to move your money between crypto and fiat currencies is an important skill, allowing you to take full advantage of these opportunities.