NOWPayments is completely satisfied to introduce a brand new function – cryptocurrency conversion between balances in your Custody. When you retailer a couple of totally different cash in your Private Account and need to swap them with out withdrawing the funds, this new software is for you. Conversion makes Custody an much more comfy place to handle your crypto.
Right here’s how conversion works and why you could discover it handy.
Crypto Conversion: a New Characteristic in Your Custody
Not too long ago, we have now launched Custody – it lets you retailer crypto in your NOWPayments account. This function has considerably elevated the variety of NOWPayments’ use instances and likewise helps save rather a lot on community charges. When you haven’t heard of this function to date, scroll down beneath for a fast reminder of what it’s and the way it works.
Custody brings new alternatives to handle the income generated with crypto funds, however there was one facet that didn’t let retailers absolutely take pleasure in its performance – the shortage of a function that may enable swapping earned cash inside Custody.
At this time, we’re delighted to introduce Conversion – a built-in software that exchanges cryptocurrencies with out leaving Custody. This function is powered by ChangeNOW – an instantaneous crypto change service and our mum or dad firm since 2019.
How It Works
You may convert cash in your NOWPayments account in a couple of clicks:
- Go to the Custody part of your Private Account.
- Choose the coin that you just need to change, set the quantity and the cryptocurrency that you just need to get.
- Click on “Convert” and see how the steadiness of the chosen cryptocurrency grows.
You may change all of your cash with none limits. All 160+ cryptocurrencies that NOWPayments assist can be found for conversion.
We take a hard and fast 0.45% payment for each swap. The payment is already included within the change charge that you just see whereas establishing your swap.
Conversion is now the best approach so as to add a brand new coin to your Custody or improve the quantity of the cryptocurrency that you have already got. Beforehand, there have been two methods to do that: accumulating a sure coin whereas receiving funds out of your customers or topping up Custody intentionally from an exterior crypto pockets. The primary approach sounds a bit prolonged, whereas the second is related to community charges (and ready additionally in case your pockets requires a couple of confirmations). The brand new conversion function spares you this trouble.
When Do I Have to Convert My Funds?
- If you wish to make adjustments in your balances for operational causes. Let’s say you’ve all the time been accepting Bitcoin, however now it’s essential to diversify your portfolio – for instance, to allow your customers to make use of a number of cryptocurrencies of their accounts. Conversion is the way in which to alter your balances immediately.
- If you wish to shield your funds from volatility. When you see {that a} sure coin begins quickly depreciating, you possibly can promptly convert it into one other and keep away from dropping worth. Stablecoins will swimsuit properly right here.
- If you wish to consolidate your funds earlier than withdrawing from Custody. Right here’s an instance: you’ve many cash in your Custody however need to withdraw them in a single transaction. Convert all of them into one cryptocurrency and pay just one community payment for withdrawal. Right here’s a tip: since we cost a 0.5% payment for conversion, test upfront which choice is preferable – swapping all cash or paying a couple of community charges.
- If you wish to withdraw in a cryptocurrency that you just don’t have in your Custody proper now. Let’s say all of your funds are in ETH, however you need to withdraw in BTC. Conversion is the most suitable choice right here, particularly in case your pockets doesn’t assist built-in crypto swaps or takes excessive charges for in-house exchanges.
- If you wish to take out a crypto mortgage. Not too long ago, we’ve introduced our integration with CoinRabbit, our trusted lending associate – it lets you get a mortgage utilizing funds in your Custody as collateral. Try CoinRabbit to see what cash they settle for. Choose a crypto that’s the least risky – these have the minimal danger of collateral liquidation. Then, swap the funds to this forex utilizing the brand new conversion software.
Perks of NOWPayments Custody
NOWPayments has been created as a non-custodial service: retailers’ prospects ship crypto to the NOWPayments’ deposit deal with, we course of it and direct to the retailers’ personal wallets straight away. This can be a safe strategy to deal with cryptocurrency, it absolutely suits many retailers, and so they fortunately proceed utilizing it to this point.
Nonetheless, such a cash move doesn’t allow various use instances very important for different kinds of companies.
- On-line gaming platforms and marketplaces must create person accounts of gamers and consumers and permit them to have their very own accounts that they will prime up and withdraw. This may be unimaginable if customers’ cash would go on to retailers’ wallets – any additional transaction must be signed manually. That’s why we launched Custody – a spot within the NOWPayments Private Account the place retailers accumulate their funds and may flexibly use them of their enterprise.
- Some companies must cost their person operations with charges, subscription companies want instruments for recurring billing. Casinos must allow their purchasers to prime up their accounts and to obtain rewards. All this is able to be onerous to implement with out Custody.
- Custody has additionally considerably facilitated Mass Payouts – a function that enables retailers to ship funds to many recipients concurrently. Payrolls, rebates, freelance commissions and affiliate rewards could be paid out from Custody free of charge – all you need to pay is only one single community payment.
How Custody Helps Save on Charges
When you haven’t enabled Custody, all crypto paid by your customers to you is handed from NOWPayments’ deposit addresses to your pockets, and each transaction is charged with a community payment.
If the funds accumulate in your Custody, there are merely no transfers that require you to pay community charges. You’ll solely must pay one once you determine to withdraw funds out of your Custody. You are able to do so at any time. There aren’t any additional withdrawal charges on prime of community charges.
How Do I Begin Utilizing Custody?
Activate Custody after registration or in an current account.
Go to the Custody part of your Private Account and whitelist your IP deal with. As soon as your Custody is activated, the cash out of your customers will accumulate there.
Have a Query? Contact Us
NOWPayments and ChangeNOW have put a number of effort into the conversion function and its uninterrupted work. When you face any points whereas establishing your conversion – attain out to us, and we’ll react to your request and repair every little thing promptly. Write to us at [email protected] on this case or when you have a query about conversion or custody. We can be found 24/7.
