How to integrate multiple currencies seamlessly?
Unbank has built a technical solution very similar to a centralized exchange, coupled with an Anchor entity that ensures exact representation of the user’s holdings as a tokenized Unbank currency on stellar. To support a currency, Unbank internally runs and maintains a blockchain node for each underlying blockchain the currency is native on.
How to secure transactions?
A very high security is needed as Unbank holds crypto on their wallet ultimately, in order to mitigate risks of hack and data loss. The solution runs a combination of hot & cold storage, with automatic re-allocation mechanisms: 95 % of the funds are stored in a cold, off-chain, multisig 2-3 or 3-5 wallet, and 5% of the funds are stored in a hot, on-chain, wallet able to process clients.
How to manage compliance?
All operations involving conversion of fiat money requires to comply to KYC regulations against AML and TF. Unbank’s solution is connected to a KYC provider solution to comply with these rules, but also integrates a rule engine component to find and flag suspicious operations.
The results? Real-time and free payment.
Unbank customers can make real-time payment within a direct network of merchant at no costs, seamlessly evolving on the Stellar Blockchain. They can easily use multiple currencies (fiat currencies as well as cryptocurrencies living on different blockchains) thanks to an in-built Custodial Exchange. Users and merchants are incentivized to support the growth of the ecosystem thanks to state-of-the-art token economy mechanisms such as cashbacks schemes.