logo
How to create a business?
John
Roberto Penchev
January 29, 2020

Go in the Dashboard and click in the side menu on "Create business" button. Follow the onscreen process and in the end you'll be supplied with a businessToken for API access. The process consists of several steps, now lets take a closer view on each step.

As first step you'll need to name your business.

For your checkout deposit process your users would prefer to enter the deposit amount in their local currency for convenience. We currently support 30+ fiat currencies and we are taking the most recent exchange rates from the ECB(European Central Bank). Thus we calculate the most up to date exchange rate for Fiat vs. Crypto. For instance if your user wants to deposit 1000 Thai baht we can make sure to provide an accurate Bitcoin amount in order to receive 1000 Thai baht in your platform.

Currently supported 50+ cryptocurrencies. You can either select a few that you are happy to work with or just select them all. In the end it doesn't really matter as we exchange every cryptocurrency to EUR or stable coin, which brings us to

To enable user withdrawals, the operator has to allocate a % of the deposits to be converted to a stable coin such as USDT (1 USDT = 1 USD) This ensures enough liquidity for swift player payouts in crypto.

We are holding a custodian license (FRK000261) for cryptocurrencies, thus we are legitimized to hold cryptocurrencies for third parties. Due to regulatory requirements we are currently unable to hold Players’ funds in EUR. Therefore all the EUR amounts accumulated with our gateway will be settled via regular IBAN transfers to the operator’s bank account.

Say you've set an allocation ratio FIAT/CRYPTO of 70%/30% and

say the business accumulates 10000 USD in crypto deposits, then: •7000 USD worth will be converted to EUR and paid out to your bank account •3000 USD worth will be converted to stable coin USDT, which can later be used for enduser withdrawals in crypto or simply settlements in Bitcoin.

Here you can set 3 different callback endpoints, if you like to segregate them. Please refer to our API documentation to learn more about Callbacks and how to use them properly.

If you are feeling you are missing something. Feel free to reach out at info@finrax.com