Fiat Controls

Available to On-Premise Boost, and Cloud Enterprise Operators, the Fiat Controls give you complete control over your users' crypto/ fiat conversion process

Using the Fiat Controls successfully relies on having access to sufficient liquidity for the chosen crypto and fiat assets.

HollaEx does not provide liquidity through its liquidity-sharing system for markets utilizing fiat currencies

How the Fiat Controls Work

Fiat Controls available to Enterprise and On-Premise Boost operators is a straightforward tool that puts full control over the fiat-to-crypto conversion (and vice versa) in your hands.

In short, the Fiat Controls works as such:

Depositing

• The user desires a fiat currency to trade into crypto

• User selects Deposit on the fiat asset in their wallet, selecting how much they desire to deposit

• The user is shown the exchange bank details

• The user accesses their bank (via banking app etc.), and transfers the amount to the exchange bank details they were shown

• With the transfer made, the exchange operator will receive a Pending Deposit in the Fiat controls found in the operator controls

  • With this notification, one of the exchange teams checks the exchange's bank account and ensures that the requested amount has cleared.

    • If the correct amount has been transferred, the operator can verify the deposit request and the user will receive the amount of fiat credits minus the deposit fee (defined by the operator). These fiat credits will be minted (newly created) to be sent, they are not transferred from the operator.

    • If the transfer was not sent, or not enough, the operator can cancel the request, and if needed contact the user via email.

Withdrawing

Withdrawing works much the same as depositing but in reverse.

• The user has fiat credits in their HollaEx wallet and wishes to withdraw it to their account

• User selects Withdraw on the fiat asset in their wallet, selecting how much they desire to withdraw

  • Before this, the user will have uploaded their bank details to the exchange

• The withdrawal request will appear in the Fiat Controls for the operator

  • This withdrawal request will include the user's bank details, and the operator will now use the exchange's bank account to transfer the correct amount to the user, from the exchange's bank account

• With this transfer complete, the request can be validated and the correct amount of the fiat credits for that user will be burned (destroyed)

For withdrawing the exchange's bank account must have sufficient, relevant fiat liquidity to serve the expected volume of customers' withdrawal requests