PayBit
  • 😊Introduction
  • 😎Architecture
    • ⚖️API reference
    • 🖨️Internals
  • 🖥️UserFlow
  • 🫂Futures
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Last updated 6 months ago

Ubit's Fiat Gateway: A Behind-the-Scenes Look

Ubit's upcoming fiat payment gateway aims to simplify user experience by bridging the gap between traditional finance and the Ubit ecosystem. We have a fully automated workflow for the same.

Step 1: User initiates a purchase

  • A user on the Ubit platform chooses to purchase UBIT tokens using their preferred fiat currency (e.g., USD, EUR).

  • The user selects a familiar payment method like Stripe for a smooth and secure checkout experience.

Step 2: Fiat payment processing

  • Upon successful payment via Stripe, the Ubit system receives a confirmation signal.

Step 3: Automated workflow triggers

  • This signal triggers an automated workflow within the Ubit platform.

Accessing the USDT vault

  • The system accesses a pre-funded vault containing USDT (Tether, a stablecoin pegged to the US dollar).

Generating a deposit address on Coinstore

  • A deposit address is generated for usdt on coinstore and USDT is submitted to the coinstore

Placing an order for UBIT-USDT pair

  • An automated order is placed within the coinstore to buy UBIT tokens using the converted USDT.

Withdrawing UBIT to user's wallet

  • Once the UBIT purchase is complete, the system automatically transfers the acquired UBIT tokens to the user's designated wallet address on the Ubit platform.

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