โฌ›Bitso Users

Learn how to use your Bitso account with OpenTrade

Summary

  • Bitso users can make investments in OpenTrade from their Bitso account

  • Bitso users can have withdrawals from OpenTrade repaid into the Bitso accounts

  • Bitso accounts cannot connect to smart-contracts or hold unlisted tokens, so you need to create an Embedded Wallet that will connect to our Web Application and hold OpenTrade vault tokens. This can be created with a simple email address!

  • The Embedded Wallet will not hold any funds - it is simply used to log into OpenTrade, hold vault tokens (which have no monetary value), and request withdrawals. All investments will be sent from your Bitso account and all withdrawals will be repaid to your Bitso acount.

Getting Started

Follow the steps below to get ready to use your Circle Mint wallet with OpenTrade.

1) Create an Embedded Wallet

  • This wallet is how you log into the OpenTrade Web App.

  • It requires only an email address to create and login

The Embedded Wallet will only be used to:

  1. Log in to the Web App to view balances, run reports, and request withdrawals

User Guide: Creating an Embedded Wallet

2) Provide OpenTrade with your Bitso USDC wallet address

  • This is where funds will be repaid.

3) Whitelist OpenTradeโ€™s USDC Deposit Address in your Bitso account

  • This is where you will send funds to make investments.

  • Your OpenTrade Account Manager will provide you with the deposit address on a video call.

  • You should whitelist this in your Bitso "Address Book" to make transfers to it.

  • We will perform a penny test to ensure you have the correct address.

Making an Investment

  1. Navigate to your Bitso account

  2. Create a transfer to the OpenTrade USDC Deposit Address & input the amount you'd like to invest

  3. Approve the transfer to the OpenTrade USDC Deposit Address

  4. Provide an Investment Confirmation via Slack or Email with OpenTrade. Your preferred communication method will be confirmed with your account manager before transacting. In this confirmation, provide the following info:

    1. the amount invested (e.g. 100 USDC)

    2. the vault you would like the funds allocated (e.g. USD Money Market Fund Vault on Avalanche)

    3. the transaction hash and/or a link to the transaction on Etherscan or Snowtrace (this is available by clicking on the transaction in your Bitso account). This is to help us reconcile the transaction and assign it to you.

  5. Once USDC has been received, vault tokens will be minted to your Embedded Wallet and your balance on the platform will be updated. This will be same day for investments made on business days before the cut-off time.

Making a Withdrawal

  1. Connect your Embedded Wallet to the OpenTrade app

  2. Select the vault you would like to withdraw from

  3. Click "Withdraw"

  4. Input the amount you'd like to withdraw

  5. Click "Submit Withdrawal Request"

  6. Approve in your Embedded Wallet

    1. IMPORTANT: You must have funded your Embedded Wallet with the native gas token otherwise the transaction will fail.

  7. After the Withdrawal Processing Time, USDC will be sent back to your designated Bitso wallet address and the corresponding amount of tokens will be burned.

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