Crypto Hub
Crypto Hub is a platform that allows you to open accounts that can exchange, 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. |
Crypto Hub can be used for three different things:
- 1.
- 2.
- 3.
Here are the tokens each capability supports:
Chain | Name | Asset | Currencies | Trading | Incoming | Outgoing |
|---|---|---|---|---|---|---|
Algorand | Algorand | ALGO | mALGO | Yes | No | No |
Algorand | Algorand USDC | AUSDC | AUSDC | Yes | No | No |
Algorand | Algorand USDT | AUSDT | AUSDT | Yes | No | No |
Avalanche | Avalanche X-Chain | AVAX | nAVAX | Yes | Yes | Yes
srn:avalanche |
Avalanche | Avalanche C-Chain | AVAXC | nAVAXC | Yes | Yes | Yes
srn:avalanche |
Bitcoin | Bitcoin | BTC | SATOSHI | Yes | Yes | Yes
srn:bitcoin |
Bitcoin | Liquid BTC | LBTC | LSATOSHI | Yes | Yes | Yes
srn:bitcoin |
Ethereum | Ethereum | ETH | WEI
LOVELACE
SZABO | Yes | Yes | Yes
srn:ethereum |
Ethereum | DAI | DAI | DAI | Yes | Yes | Yes
srn:ethereum |
Ethereum | USD Coin | USDC | USDC | Yes | Yes | Yes
srn:ethereum |
Ethereum | Tether | USDT | USDT | Yes | Yes | Yes
srn:ethereum |
Ethereum | Wrapped Bitcoin | WBTC | WSATOSHI | Yes | Yes | Yes
srn:ethereum |
Ethereum | Binance USD | BUSD | BUSD | Yes | Yes | Yes
srn:ethereum |
Ethereum | Gemini Dollar | GUSD | GUSD | Yes | Yes | Yes
srn:ethereum |
Ethereum | Paxos Standard | PAX | PAX | Yes | Yes | Yes
srn:ethereum |
Ethereum | Stably Dollar | USDS | USDS | Yes | Yes | Yes
srn:ethereum |
Ethereum | Aave | AAVE | AAVE | Yes | Yes | Yes
srn:ethereum |
Ethereum | Compound | COMP | COMP | Yes | Yes | Yes
srn:ethereum |
Ethereum | Chainlink | LINK | LINK | Yes | Yes | Yes
srn:ethereum |
Ethereum | Basic Attention Token | BAT | BAT | Yes | Yes | Yes
srn:ethereum |
Ethereum | Curve | CRV | CRV | Yes | Yes | Yes
srn:ethereum |
Ethereum | Maker | MKR | MKR | Yes | Yes | Yes
srn:ethereum |
Ethereum | Synthetix | SNX | SNX | Yes | Yes | Yes
srn:ethereum |
Ethereum | UMA | UMA | UMA | Yes | Yes | Yes
srn:ethereum |
Ethereum | Uniswap | UNI | UNI | Yes | Yes | Yes
srn:ethereum |
Ethereum | yearn.finance | YFI | YFI | Yes | Yes | Yes
srn:ethereum |
Ethereum | Digital USD | ZUSD | ZUSD | Yes | Yes | Yes
srn:ethereum |
Ethereum | Rai | RAI | RAI | Yes | Yes | Yes
srn:ethereum |
Flow | Flow USD | FUSD | FUSD | Yes | No | Yes
srn:flow |
Loopring | Loopring ETH | LETH | LETH | Yes | No | No |
Loopring | Loopring USDC | LUSDC | LUSDC | Yes | No | No |
Palm | Palm Dai | PDAI | PDAI | Yes | No | No |
Polygon | Polygon USDC | MUSDC | MUSDC | Yes | Yes | Yes
srn:matic |
Stellar | Stellar Lumens | XLM | STROOP | Yes | Yes | Yes
srn:stellar |
Stellar | Stellar USDC | SUSDC | SUSDC | Yes | Yes | Yes
srn:stellar |
We offer fully-managed custodial Crypto Wallets to allow 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.
In some cases, user accounts are eligible to receive payments for deposits kept with stable coins. Here is how those logistics work:
Interest is accrued and disbursed monthly to accounts that provide interest. This is done automatically (on the 10th of the month) and not initiated by the platform. We will also track fractional interest to distribute when the fractional interest reaches an integer amount.
The interest transaction will be coming from node type
EXTERNAL-US . These transactions will have from.meta.type value as INTEREST.For
CRYPTO-US nodes, we will generate users' 1099-INT tax forms at the end of the year. This can be accessed via Statements API Call.
To spin up a Crypto Hub for a user, here are the steps you can follow:
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 which will be needed to issue an OAuth key for the user.The 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 Crypto Hub.In most cases, we recommend creating a fiat wallet alongside the crypto wallet so that customers can trade instantly and can also hold fiat currencies.
Next step, please have the customer preview the crypto account agreement, and once they agree, create the crypto account.
That's it. You've successfully created a crypto account for your user.
Now let's enable some features on this crypto account.
Now you have an
ACH-US node linked to the user profile. This means that the user can fund their fiat wallet via an external bank account or if funds are available 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 an 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:
This will enable your platform to always stay up to date when changes/updates to the users, nodes, transactions or subnet objects occur.
If you wish to create a Spend Card solution that enables customers to spend money out of their Crypto Wallet, here is how you can achieve that:
As a final step, to be able to enable your customers to keep their entire holdings with you in Crypto, you need to be able to decision any debit (aka pull) instructions that come into their Fiat Wallet. You can do this using our Transaction Decisioning feature.
With this feature, your customers can maintain a $0 Fiat account, keep all their holdings in crypto, and then sell in real-time when a transaction needs to be full-filled.
Its honestly that easy 🙂! Now you have a Spend Card solution that leverages Crypto assets vs Fiat.
Last modified 6mo ago