Cash Deposit
The CFX Platform supports cash deposits (cash on-ramps) from thousands of retail locations across the US. This capability allows user's within the US to convert physical cash (USD) into stablecoins which are delivered to a nominated user's blockchain wallet.
Cash deposits are currently supported in the following states:
AZ, CA, D.C., FL, IA, IL, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NH, NM, OR, PA, UT, VA, WI, WY
Limits
If you have only completed basic identity verification, you will have a weekly $0 Fee Cash Deposit limit of $300 USD.
Limit Type | Basic Verification | Full Verification |
---|---|---|
Per Transaction | $300 | $500 |
Daily Limit | $300 | $1,500 / max 3 transactions |
Weekly Limit | $300 | $3,500 / max 12 transactions |
Monthly Limit | $1200 | $5,000 / max 20 transactions |
A cash on-ramp journey typically involves the following steps:
Register Identity
To adhere to our regulatory obligations we need to be able to associate all money movement with an individual identity. Identities need to be established for any user wishing to deposit (on-ramp) into the CFX Network.
Please see our Register Identity API endpoint or refer to our Identities guide for details.
Search Cash Deposit Locations
Cash deposits can be made at thousands of physical retail locations across the US. The Search Cash Deposit Locations endpoint returns a list of locations for a given zipcode or latitude/longitude pair.
Whilst creating a cash deposit request doesn't require a specific physical location (locationId
) to be nominated, it will require the nomination of a specific retailer (retailerId
).
Create Cash Deposit Request
Once a retailer has been selected the Create Cash Deposit Request endpoint can be invoked. This endpoint triggers a workflow which orchestrates the deposit of funds at a nominated retailer. To initiate the workflow this endpoint requires:
retailerId
to be provided (see 'Get Cash Deposit Retails' endpoint for details)identityId
of the end user making the deposit- Nomination of a
targetWallet
where deposited funds will subsequently be transferred - The
amount
andcurrency
to be deposited
The endpoint will return generated deposit request details with a barcode number which can then be rendered and presented by the user at the retailer. Upon scanning of the barcode, a backend call is made to the CFX Network to correlate the user's visit with a registered cash deposit request. CFX will authorize this deposit as appropriate, signalling to the retailer that the cash can be accepted.
Once the retailer confirms receipt a deposit entry is created in our systems which drives the minting of the stablecoin and delivery to the nominated target wallet.
At this point the cash deposit journey is complete!
Convenience Endpoints
There are some convenience endpoints offered for our partners:
- Get Cash Deposit Request returns a specific cash deposit request, including it's current status.
- Search Cash Deposit Request allows you to search for cash deposits filtered by an
identityId
,status
andreference
. - Cancel Cash Deposit Request allows you to cancel a specific cash deposit request
Updated about 1 month ago