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.

Building On/Off Ramp

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.

Key Use Cases

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.

Token Support

Crypto Hub can be used for three different things:
  1. 1.
    Trading (Buy/Sell Crypto)
  2. 2.
    Sending tokens off platform (SRN Transfers)
  3. 3.
    Bringing tokens onto the platform (External Transfers)
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

Custody of Cryptocurrencies

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.

Risks

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.

Earned Interest

In some cases, user accounts are eligible to receive payments for deposits kept with stable coins. Here is how those logistics work:

Interest Accrual

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.

1099-INT Tax Forms

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.

Getting Started with Crypto Hub

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.

Enable Some Features

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.).

Other Transfers

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.
To test both on sandbox, go to Testing Crypto Transfers.

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.

Crypto Spend Card

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:

Issue Subnets

Issue Card Subnet and Account Number Subnet on top of your Fiat Wallet.

Transaction Decisioning

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.
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On this page
Building On/Off Ramp
Key Use Cases
Token Support
Custody of Cryptocurrencies
Risks
Earned Interest
Interest Accrual
1099-INT Tax Forms
Getting Started with Crypto Hub
Create User
OAuth User
Create Fiat Wallet
Launch Crypto Hub
Enable Some Features
Subscribe to Updates
Crypto Spend Card
Issue Subnets
Transaction Decisioning