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Flow of Funds Guide

Overview​

This guide provides a detailed description of the processes involved in converting funds between fiat currencies (currently limited to USD) and cryptocurrencies, as well as the steps the account holder must follow at each stage. The goal is to offer a complete overview of the necessary actions for, on the one hand, depositing fiat currency, converting it to crypto, and withdrawing that crypto to a wallet; and on the other hand, depositing crypto into a wallet, selling it, and withdrawing the resulting funds to a bank account. Each flow includes its respective instructions, control points, and validations that BlockWyre carries out to ensure the operation is executed efficiently. This document serves as a comprehensive reference so that any account holder, whether a novice or experienced, can understand and complete these processes without difficulty.

Fiat to Crypto Flow​

  1. Request bank deposit instructions.
  2. Make a bank transfer.
  3. Wait for funds to become available in the Fiat account.
  4. Place a purchase order to convert to crypto.
  5. Withdraw the crypto to the desired wallet.

Crypto to Fiat Flow​

  1. Request a cryptocurrency deposit wallet (address).
  2. Send crypto to the wallet.
  3. Place a sell order to convert to fiat.
  4. Carry out a bank withdrawal transaction.

Key Terminology​

  • Fiat: Government-issued currency (only USD).
  • Crypto: Digital assets such as BTC or ETH.
  • Deposit Instructions: Details about how to transfer Fiat to BlockWyre.
  • Withdraw Transaction: Final step to move funds (Fiat or Crypto) out of BlockWyre.

Important Notes​

  • Always verify wallet addresses before sending or withdrawing crypto.
  • Always verify bank details before making a deposit or withdrawal.
  • Bank transfers may take additional time depending on the institution.
  • Ensure your account balance is sufficient for orders.
  • Once a transaction is confirmed, it cannot be reversed.

Conclusion​

In conclusion, both the conversion flow from Fiat to Crypto and from Crypto to Fiat involve specific steps that include depositing funds, confirming balance availability, executing buy or sell orders, and finally verifying that the funds (in Fiat or crypto) are available to the account holder. Understanding each stage correctly minimizes process errors and ensures smooth transactions. With this guide, account holders can carry out these procedures easily and securely, having the necessary verification mechanisms to safeguard their funds at every step.

Support and Resources​

If you need assistance or have any questions, our support team is here to help. You can contact our support team at support@blockwyre.com.

Stay Updated​

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We are excited to have you on board and look forward to seeing how you leverage BlockWyre's powerful tools to enhance your financial operations. Happy integrating!