As businesses increasingly seek ways to integrate digital assets into their operations, building a seamless and compliant onramp solution is essential. Bastion's regulated wallet API provides the tools to create a robust onramp infrastructure that is both scalable and regulatory-compliant. This guide outlines how to leverage Bastion to build a high-quality onramp solution for your business.

Step 1: Key Requirements for Onramp and Offramp Infrastructure

When setting up an onramp, the goal is to allow users to move fiat currencies into and out of digital assets easily. The primary components of a successful onramp and offramp infrastructure include:

• Wallet Creation: Users need a wallet to hold their digital assets. Bastion's API enables seamless wallet creation.
• Compliance Checks: Ensure compliance with AML (Anti-Money Laundering) and CFT (Countering the Financing of Terrorism) regulations for every transaction.
• Transaction Execution: Convert fiat to and from digital assets using efficient blockchain networks, ensuring minimal fees and fast processing.
• Transaction Logging and Reporting: Capture and report all transactions for compliance audits and internal tracking.

In addition to these components, customers will need a For Benefit Of (FBO) account to handle user funds and a ledger system for tracking balances. Beyond the wallet infrastructure, Bastion’s team is ready to assist businesses in setting up with the ledgering infrastructure and offering early access to our Ledger API.

Step 2: Using Bastion's Infrastructure for Your Onramp

1. Wallet Creation: Simple API Integration

Bastion’s API allows you to create wallets for each user with just one line of code. Whether you're creating custodial wallets for retail customers or more complex wallets for businesses, our API is designed for flexibility.

• Custodial Wallets: Bastion handles the custody and security of digital assets, freeing your business from the complexities of key management.
• Multi-Asset Support: Bastion supports a wide range of cryptocurrencies and stablecoins, ensuring users can convert and hold the assets they prefer.
• Smart Contract Interactions: For businesses that need to interact with decentralized applications (dApps) or smart contracts, Bastion's wallets can seamlessly integrate with any blockchain-supported smart contract.

2. Transaction Execution and Routing

Bastion’s Smart Transaction Routing automatically selects the most cost-effective blockchain networks to execute conversions. This reduces costs, optimizes speed, and ensures global scalability.

• Cost Efficiency: Avoid high transaction fees with Bastion's optimized routing, using blockchain networks that offer lower-cost options.
• Scalability: Whether your onramp needs to handle hundreds or millions of users, Bastion’s infrastructure scales effortlessly.

3. Built-in Compliance

Bastion’s platform is fully regulated and designed with compliance at the forefront, which simplifies your operations in regulated markets.

• Regulatory Coverage: Bastion’s MSB (Money Services Business) status and MTLs (Money Transmitter Licenses) provide regulatory clearance across multiple jurisdictions.
• AML & CFT Screening: Every transaction is screened against AML and CFT requirements. Bastion automates these checks, reducing the manual workload for compliance teams.
• KYC (Know Your Customer): Bastion handles identity verification for every user, ensuring that only legitimate transactions are processed.

4. Security and Risk Management

Security is critical when handling user funds and digital assets. Bastion ensures that all private keys are securely generated and stored, and all transactions are executed with maximum security.

• Private Key Security: Bastion uses hardware security modules (HSMs) to generate and manage cryptographic keys, ensuring no unauthorized access.
• Insurance: All assets held within Bastion’s wallets are covered under crime and cyber insurance policies, protecting businesses from potential asset loss.

Step 3: Bringing Value to Different Teams

For Product Teams

Bastion’s APIs abstract away the complexities of wallet creation, compliance, and transaction execution, allowing product teams to focus on building user-friendly features that enhance the onramp experience.

• Fast Integration: Roll out an onramp solution quickly with Bastion’s APIs.
• Multi-Asset Flexibility: Allow users to convert fiat to a wide variety of cryptocurrencies or stablecoins with ease.

For Compliance Teams

Bastion handles compliance checks in real time, automating the processes required to ensure regulatory adherence. This reduces the burden on your internal compliance team.

• Automated Compliance: AML, CFT, and KYC checks are built into the API, ensuring every transaction is compliant.
• Detailed Reporting: Full audit trails and transaction logs are automatically generated, simplifying regulatory filings.

For Technical Teams

Bastion abstracts the security, compliance, and transaction execution layers into simple API calls, letting technical teams focus on core business features.

• API Documentation: Our comprehensive API documentation makes it easy to integrate Bastion with your systems.
• Scalability: Built to handle high volumes of transactions without compromising performance or security.

Step 4: Fiat and Ledger Integration

In addition to Bastion’s wallet infrastructure, businesses will need an FBO account at a banking partner to manage user funds. A ledger system is also required for tracking transaction details and balances. Bastion’s team can help you set up with a ledger; we’re excited to offer early access to our Ledger API, which simplifies the integration of balance tracking with your onramp infrastructure.

Conclusion

Building an onramp with Bastion ensures that your business has access to secure, scalable, and compliant infrastructure. From wallet creation and transaction routing to compliance and security, Bastion offers everything you need to build a world-class onramp solution. For businesses that need assistance with FBO accounts or ledger systems, our team is here to help, including offering access to our new Ledger API.

CONTACT THE TEAM

Ready to build your on-ramp?

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