Fiat Withdrawals

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By Andrii Zamovsky

updated 7 months ago

The workflow of fiat withdraw request looks as follows:

  1. Customer requests withdrawal by specifying a bank account and amount via customer interface. Immediately after the confirmation by customer, corresponding amount of the stablecoin is sent from his account to a a designated reserve account, that belongs to the platform operator.
  2. Admin signs in to the admin area, navigates to "FIAT withdraw requests" page.
  3. Admin sees a new request in "PENDING" status, clicks "edit.".
  4. The edit request page shows customer bank credentials where the wire transfer should be sent, and the amount.
  5. Admin navigates initiates the wire transfer through their bank interface.
  6. Once the transfer is confirmed by the bank, admin should add a transaction reference number, provided by the bank to the "bank transaction id" field, and update status to "DONE". Customer will receive corresponding email notification.
  7. Admin burns corresponding amount of stablecoins or moves them to the account, designated for stablecoin tokens that don't have fiat backing.


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