Cryptocurrencies on Vauld can be purchased through fiat currencies or other cryptocurrencies like stablecoins. Due to banking-related hurdles, we’ve temporarily stopped deposits from bank accounts. However, users can still deposit cryptocurrencies.
In order to deposit cryptocurrencies to your Vauld account, you can use a crypto platform that offers peer-to-peer (P2P) transactions.
What are peer-to-peer transactions?
Peer-to-peer transactions are transactions between two users of the same cryptocurrency platform. It involves the transfer of a cryptocurrency from one user’s account to another in exchange for fiat currency. But the catch is the fiat transfers happen off the exchange.
The exchange acts as a middleman by bringing together the buyers and sellers of the respective cryptocurrency and fiat currency.
Certain crypto exchanges (like Binance, WazirX etc.) have P2P markets for the stablecoin Tether (USDT). Users can place USDT buy orders for INR. The platform will find a seller willing to part with USDT for INR and will connect them to the buyer. The transfer of INR will happen off the platform but the USDT transfer will happen through the respective platform.
Once the user sends the required INR, they will receive USDT from the sender (via the platform). (We’re using the example of USDT in this case, but users can do the same for any crypto)
Transferring to Vauld
Once USDT is received in P2P crypto platform account, the user can transfer it to Vauld. For this, the user will have to copy the USDT token address from their Vauld wallet.
Note that Vauld supports ERC-20 USDT on the Ethereum blockchain. Sending USDT on any other blockchain will result in the permanent loss of funds.
The user can send their ERC-20 USDT directly from the respective crypto platform to Vauld.
Vauld offers a host of possibilities with stablecoins. The USDT can be placed into a fixed deposit to earn a 12.68% fixed rate of interest or it can be used in automatic investment plans (AIPs) to buy cryptocurrencies daily, or during every market dip.
Download the Vauld app now and start earning on your crypto.