Version: current

Deposit and withdraw

caution

This section is being revised!

For a deposit transaction, users can add cryptoassets to any deposit addresses linked to your Qredo funds. Once added, the ownership right to the cryptoasset is safely recorded on the Qredo blockchain as a transaction and is subject to the custodial policies of its associated fund. The deposit address for an asset can be found in Holdings > Fund > Asset > Addresses. The Qredo Network ensures that deposited cryptoassets remain liquid, and are ready to be transferred to another Qredo user if needed.

For a withdrawal transaction, you send cryptoassets out of a fund on Qredo to an external address which must have been whitelisted. When sent to a whitelisted address, the cryptoasset is no longer subject to the custody policies and ownership rights of the Qredo Network. Qredo gives you the flexibility of adding cryptoassets back on to the network at a later point in time.

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When recorded on the Qredo blockchain, a transaction is always linked to the underlying blockchain.

Summary of Steps#

For deposits, you can:

For withdrawals, a trade initiator can:

A custodian that is nominated can approve a withdrawal

View Deposit Addresses#

The default fund and asset that you have set up includes a deposit address, which is the cryptoasset wallet address that is linked to a Qredo fund. However, any fund that you create is linked to a deposit address.

The cryptoasset wallet address is created securely using the MPC protocol. The address format is recognized on the underlying blockchain, but is also understood by the Qredo blockchain.

When cryptoassets are added to the wallet address, it stays on the underlying blockchain. However, it can now be managed within the Qredo blockchain, and be subject to its governance rules.

Go to Holdings -> Fund -> Asset -> Addresses.

The following shows address entries in Asset view.

Column NameDescription
WALLET NAMEName that is assigned to the wallet, which includes the name of the fund.
FORMATFormat of the wallet address. For example, for a Bitcoin address, this format is P2PKH.
ADDRESSThe address string.

depositaddresses

Copy Address#

To ensure that a deposit address is valid, you can copy the address using the Copy Address function before adding it to a third-party application. When copied, the address is stored in your system's clipboard. For example, you can copy an address before adding to Blockchain explorer.

Click the Copy button on the address entry.

View Transactions#

In Ledger view, you can see deposit transactions to one or more funds that you are the owner of. All deposit transactions are listed in the Inbound tab.

TX

Column NameDescription
TYPEType of transaction. For a deposit, the column name shows as deposit
RECEIVEDDate and time in which the deposit transaction was received.
TXAmount deposited into the account.
REFERENCEReference number for the deposit transaction.
SENDERName of the sender.

Create New Withdrawal Address#

If you do not have a withdrawal address, you need to create one before the transaction. A fund must contain a withdrawal address for a transaction to happen. Each asset within a fund can have a different withdrawal address. As the trade initiator of the withdrawal, you confirm your decision by authorizing using the Qredo Signing App.

In essence, the withdrawal address is a different block on the underlying cryptoasset blockchain. In the same way as a deposit address, the Qredo blockchain recognizes the format.

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Another fund can use the same withdrawal address.

  1. Go to Holdings > Fund > Asset > Addresses > Withdraw. If adding an address for the first time, the screen appears as follows:

Whitelisted

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If one or more addresses have been added, these appear on the screen. However, the screen always shows the Add Withdrawal Address button.

  1. Click Add Withdrawal Address.
  2. Ensure that the fund you are adding the address to shows in the Fund list.

add withdrawal add

  1. Choose the asset type in Asset.
  2. Enter a unique name for the wallet in Wallet Name.
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Make sure that the wallet name does not include spaces.

  1. Type in the wallet address in Wallet Address.
  2. Click Continue. See Authorize an Address (Trade Initiator) below.

Authorize Address (Trade Initiator)#

  1. Tap the notification that you received on your phone. The Withdraw Address screen shows details of the transaction including fees.

auth withdraw

  • name of the wallet address.
  • the fund of the withdrawal address.
  • the name of the asset.
  • the name of the trade initiator.
  • the expiry time and date of the request.

You can also view other details of the withdrawal address including:

  • the alphanumeric string of the address.
  • details of the trade initiator (including email address and alias).
  • the date in which the address creation was initiated.
  1. To authorize, tap Authorize.
  2. To reject, tap Reject.

For the action you select, you then sign in with the biometric feature of your phone and 6-digit PIN, and tap confirms on the confirmation screens.

Create Transaction#

For withdrawing cryptoassets, the Qredo Wallet App consists of a wizard that lets you withdraw a specific amount of an asset from a fund. There needs to be a destination cryptoasset address in which to add the cryptoassets to. You must ensure that you enter the correct asset, amount, address, and fund for the withdrawal. You also set the date and time or number of days for custodian approval, according to the length of your approval process. You review and approve the transaction before a custodian is notified.

You are also notified when a withdraw transaction is complete via an email.

You can create a transaction from Asset view or Ledger view. Creating from Asset view shows the balance of the asset and prepopulates the fund and asset fields.

If you don't have a withdrawal address, the app displays a message and guides you to creating an address.

Instructions

  1. Go to Holdings > Fund > Asset
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When creating a transaction from Ledger view, click:

Ledger

  1. Click New TX. The Select Type window shows.
  2. Choose the Withdraw option in the Select Type box.
  3. Click Continue. The Withdraw screen shows, and includes a scrollbar that lets you scroll down to other options.

Withdraw main

  1. In the From section, ensure that the fund that you want to withdraw assets from is selected in the Fund list.
  2. Observe that the asset that you want to withdraw appears in the Asset list.
  3. Select the address that you want to send the cryptoasset to in the To list.
  4. Enter the amount that you want to withdraw in Amount. The Blockchain Miner's fee and total withdrawal cost appear.
  5. Type in a reference number in Reference.
  6. To select a date for when the withdrawal takes place, click Expires In and enter days, hours, and minutes in the displayed box.
  7. To select a precise date for when the withdrawal takes place, click Expires On and enter a date and time in the displayed calendar widgets.
  8. Click Review Withdrawal.

Review Withdrawal#

In the Review Withdrawal screen, you can see details of the withdrawal transaction.

withdrawmain

These include:

  • Asset and amount to withdraw
  • Source fund
  • Transaction reference number
  • Expiry date and time information
  • Blockchain miner's fee (see note)
  • Total withdrawal cost (including the amount to withdraw and the miner's fee)
  • Balance after the total withdrawal cost is deducted
  • From details:
    • Name of the trade initiator
    • Email address of the trade initiator
    • Network alias of the trade initiator
  • To details:
    • Withdraw wallet address
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The Blockchain miner's fee is the reward paid to miners for the work and resources they need to generate blocks on the underlying network. You are presented with details of these fees when you add details of the transaction, and when you review it. While the miner's Blockchain fee is fixed for any withdrawal transaction, Qredo can periodically alter these fees.

  1. To start the withdrawal, click Initiate Withdrawal. You are then prompted to check your phone app.
  2. To return to the previous screen, click Back.

Authorize Withdrawal#

Before authorizing, you can view its details including the fees that are charged on the transaction.

  1. Tap the notification that you received on your phone. The Withdraw screen shows with details of the transaction including fees.

Authwith

  1. To authorize, tap Authorize.
  2. To reject, tap Reject.

A withdrawal transaction can only be sent out of Qredo if it has met or have exceeded the threshold level for the number of custodian signatures. The threshold level is entered on the fund associated with the transaction.

Approve Withdrawal#

As a custodian, you can decide if a withdrawal started by a trade initiator should happen by approving or rejecting the transaction. If all custodians under the threshold of the withdrawal custody policy have approved, the transaction takes place and is recorded on the Qredo blockchain. You will only be able to sign the transaction if you are a custodian for the withdrawal policy linked to the fund of the transaction. For more details on thresholds and custody policies, refer to the [Behaviors] section in the Qredo Network page(/docs/Qredo%20Network/#behaviors).

You receive a notification as soon as the trade initiator has authorized the withdrawal. The Withdrawal screen on the Qredo Signing App asks you to approve or reject the new transaction. The screen also shows the following information:

ApproveDetails

  • type of asset and amount.
  • the name linked to the recipient address.
  • the name of the trade initiator.
  • the transaction reference number.
  • the expiry date and time for approval.

You can also view other details linked to the transaction under the Show Details arrow including:

  • the fund of the withdrawal.
  • the destination wallet name.
  • the alphanumeric string of the wallet address.
  • the name, email address, and network alias of the trade initiator.
  • details of the Qredo fee.
  1. Tap the notification on your phone. The Withdrawal screen shows.
  2. Click Show Details to view more details of the transaction.
  3. To approve, tap Approve.
  4. To reject, tap Reject.

For the action you select, you sign in with the biometric feature of your phone and 6-digit passcode, and tap confirms in the confirmation screens.

When the withdrawal is complete, you are notified on the phone and web app. You also receive an email with the subject of withdrawal complete.

Track Progress#

As the trade initiator, you can check the approval progress for address creation and transactions. Both addresses and transactions require approval from custodians.

A withdrawal transaction can only happen if it has met or has exceeded the threshold level for the number of custodian signatures. The threshold level is entered on the fund associated with the transaction.

The Approvals ledger also details of transaction and custody approvals from other transactions within the same fund. You can view approvals from the Approval view, which appears by clicking the Approvals icon:

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These include details of:

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Transactions in Ledger view includes both those that are pending, and those that have been written to the blockchain.

Address Approvals#

  1. Click the Addresses tab,
  2. Click the Pending or Actioned sub-tabs.

The Pending sub-tab shows these fields and pending approvals.

ColumnDescription
NAMEName assigned to the address.
FUNDName of the fund.
ASSETType of asset, e.g., Bitcoin.
ADDRESSAddress that has been created.
REQUESTEDDate and time in which the approval request was sent.
STATUSStatus of the approval as “awaiting confirmation”.

The actioned tab shows the same column fields. However, the ACTIONED column reflects the time and date in which the address approval was actioned. There are two states in the ACTIONED column. These include:

  • APPROVED - The transaction has been approved by the custodians.
  • REJECTED - The transaction has been rejected by the custodians.

The following is an example entry showing a pending approval with the status of APPROVED:

Address Approval

Transaction Approvals#

  1. Click the Transactions tab,
  2. Click the Pending or Actioned tabs.

The pending tab shows these fields and pending approvals.

ColumnDescription
TYPEType of transaction. For a withdrawal, the column name shows as withdrawal.
AMOUNTThe amount of the transaction and the type of asset.
RECIPIENTRecipient of the asset. For a withdrawal, the recipient is the name you assigned for that withdrawal.
STATUSThe status shows as “Awaiting Authorisation”.
ACTIONEDThe date and time in which the transaction was created.

The actioned tab shows the same column fields. However, the ACTIONED column reflects the time and date in which the transaction approval was actioned. There are two states in the ACTIONED column. These include:

  • APPROVED - The transactions have been approved by all the custodians.
  • REJECTED - The transactions have been rejected by all the custodians.

The following is an example of actioned entry in the Approval view with the status of APPROVED:

Transaction Approval

Custodian Approvals#

  1. Click the Custody tab,
  2. Click the Pending or Actioned sub-tabs.

The pending tab shows these fields and pending approvals.

ColumnDescription
ITEMThe transaction or withdrawal item.
REQUESTED BYThe trade initiator that requested custodian approval.
REQUESTEDThe time and date in which the custodian approval was actioned.
STATUSThe status shows as “Awaiting Approval”.

The actioned tab shows the same column fields. However, the ACTIONED column reflects the time and date in which the custodian approval was actioned. There are two states in the ACTIONED column. These include:

  • APPROVED - The transactions have been approved by all the custodians.
  • REJECTED - The transactions have been rejected by all the custodians.
  • EXPIRED - The time and date set for custodian approval on the transaction have exceeded.

The following is an example of actioned entry in the Approval view with the status of APPROVED:

Transaction Approval

Transaction View (Ledger)#

  1. Click the Ledger icon.

Ledger

  1. Click the Outbound tab.

TX Ledger shows the following details:

ColumnDescription
TYPEType of transaction. For a withdrawal, the column name shows as withdrawal.
FUNDName of the fund for the transaction.
INITIATEDTrade initiator that started the transaction.
AMOUNTThe amount of the transaction and the type of asset.
REFERENCEReference number of the transaction. This number can be used when contacting support at Qredo.
RECIPIENTRecipient of the asset. For a withdrawal, this is the name you assigned for that withdrawal.
EXPIRESExpiry date of a transaction that is awaiting approval from the custodians.
STATUSThe status of the transaction as AWAITING APPROVAL (if the custodians have not responded). The status also shows as AWAITING AUTHORISATION (if not yet authorized).

If the custodians have approved the transaction, the status is set to COMPLETE. If custodians have signed the transaction and it has not successfully completed (written to the Qredo blockchain) because it did not meet the threshold level, the status is set to THRESHOLD NOT MET. If the transaction has been rejected by all custodians, the status is set to REJECTED.

The following shows an example transaction ledger with the status set to AWAITING AUTHORISATION.

Transaction Approval

Progress Details#

For both the Approval and Ledger view, a summary screen shows details of the progress of a single transaction. Summary screen headers can show in a particular color to represent a category:

  • Transactions that are waiting appear in black and white.
  • Transactions that are approved show in green.
  • Transactions that are rejected appear in red.

The following shows an example summary status of a completed withdrawal:

Withdraw Complete

  1. Click the Ledger or Approval view icon.
  2. In Approval view, access the Transaction or Custody tab and click the three buttons at the end of a table row.
  3. In Transaction view, click the three buttons at the end of a table row.
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Clicking the downward arrow in the screen shows more details of the transaction, such as the amount of the asset and the fund.