Crypto Hub
Crypto Hub is a platform that allows you to open accounts that can hold and transmit cryptocurrencies for individuals or businesses via an API call.
Our mission is to ensure that everyone has access to high quality financial services. So it doesn't matter if your customers are underbanked, recently immigrated, small/medium/large business owners. With Crypto Hub, you can onboard customers from all walks of life.
To be able to build an ideal On/Off Ramp from crypto, we recommend pairing Crypto Hub with Deposit Hub. That way people are able to hold fiat in your product and trade crypto anytime. Without Deposit Hub, a Crypto Account can only hold cryptocurrencies it receives from other platforms and exchanges, but cannot liquidate or trade any crypto due to lack of a fiat wallet.
Crypto Hub can be used for pretty much any application that requires an embedded crypto account. But we have seen our customers building the following use cases most frequently with this offering:
Use Case | Description |
Crypto Investing | Open Crypto Wallets to enable your customers to invest in Bitcoin and Ethereum. |
Crypto Wallet | Open Crypto Wallets that can trade or transmit through the Bitcoin or Ethereum blockchain. |
We offer fully-managed custodial Crypto Wallets to allows your users to buy, sell, and hold supported digital currencies. All buy and sell orders execute via our digital currency exchange partners. While, all digital currencies are held in trust on our partner bank's balance sheet while we manage the ledgering of each user account.
Cryptocurrencies present distinct risks. BTC and ETH are considered commodities by the Commodity Futures Trading Commission (CFTC). Trading in any commodity is a highly speculative activity, and the markets for cryptocurrencies can be extremely volatile.
Crypto Wallets offered by Synapse offer neither FDIC insurance available to deposit accounts nor SIPC insurance available for brokerage accounts.
To spin up a crypto hub for a user, here are the steps you can follow:
​Create User​
The first step is to create a user account and supply all of their KYC. Once the user account has been created, grab the refresh_token from the response as that would be needed to issue an OAuth key for the user.
​OAuth User​
Next step will be to start performing actions on behalf of the user. To do that, you need to grab an OAuth token for the user.
To do that, usually you make a View User API call and grab the refresh_token from the user profile or get the refresh token from the create user call (like above).
To avoid 2FA, please use the fingerprint value that you used while creating the user account. Once the OAuth key is issued, grab oauth_key as that would be needed to launch deposit hub.
​Create Fiat Wallet​
In most all cases, we recommend creating a fiat wallet along side the crypto wallet so that customers can trade instantly and can also hold fiat currencies.
​Launch Crypto Hub​
Next step, please have the customer preview the crypto account agreement to the user, once they agree, create the crypto account.
Thats it. You've successfully created a credit account for your user.
Now let's enable some features on this crypto account.
​Enable External ACH​
Now you have an ACH-US node linked under to the user profile. Which means that the user can fund their fiat wallet via an external bank account or if funds are avaliable in the fiat wallet, the user will be able to cash out into the external bank account or buy crypto currencies instantly.
Now the user's fiat wallet will also have account and routing number associated with it. This can now be used for direct deposit (payroll, paypal, venmo, etc.) or direct debit (billpay, venmo, paypal, etc.).
At this point, the user can also view the BTC and ETH wallet addresses for the Crypto Wallet by View Node API call. That address can be used by the user at other exchanges to initiate transfers into their Crypto Wallet with you.
The user can also send funds to other Crypto Wallets by creating SRN Transfers and then executing them.
Now your user has a fully functioning Crypto Hub! We would also recommend trying the following:
​Subscribe to Updates​
This will enable your platform to always stay up to date when changes/updates to the users, nodes, transactions or subnet objects occur.
