- Any address that holds Fiat can initiate a withdrawal to their own bank account. If the address owner hasn’t previously gone through KYC, they will need to do so at the moment of the withdrawal.
- If the address owner has already been through KYC, then instructions are automatically sent to our custodian partner, who will sign the withdrawal transaction with their keys and proceed to transfer funds to the designated bank account.
- After the transaction is signed and the custodial account is updated, the corresponding on-chain digital representation of the Fiat funds is automatically destroyed.
How is Fiat sent out of the blockchain?
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