Crypto Top-up

What is the Crypto Top-up function?

Fiat24 users can top up their cash (or fiat) account with their cryptocurrencies. The crypto topup can be done in seconds, much faster than the cash topup.
A demo tutorial is provided here.

Which cryptos can be used to top up the cash account?

Fiat24 accepts USDC to top up the cash account, and we strictly take the exchange rate of 1 USDC = 1 USD. Any other cryptocurrencies have to be converted into USDC using a third party before the top up can be accepted by Fiat24.
From the Fiat24 dApp, the user can directly choose USDC or ETH for the topup.
In our metaverse, you can top up your Fiat24 account using other tokens. There are plots of our metaverse land occupied by token issuers or exchanges. You can see their logos in the metaverse on our homepage. If you click on such a plot and there is a fiat/cash price indicated in the popup window, you can top up your Fiat24 account with the indicated token at this indicated fiat/cash price by scanning the QR code with your Fiat24 dApp.

Is there a commission for the topup?

Each user can top up his account for free up to a certain amount (free tier), beyond which a 1% commission is charged (1% tier).
Free tier: The use of the Crypto Top-up function is free as long as his transaction volume - in USD per 30 calendar days on a rolling basis - does not exceed the amount of F24 tokens held.
1% tier: If the monthly transaction volume exceeds this amount, commission fees of 1% will be charged on the transactions.
For example, if the user owns 1000 F24 and tops up 1270 USD-worth of crypto, the first 1000 USD will be free, and 1% commission will be charged on the 270 USD (so 2.7 USD).

Do I have to register before using this function?

No. Users can still use this function as a Tourists, but the volume has to stay within the 1000 CHF (or equivalent) per rolling 30 days. When the user is verified as a Standard user, the limit is increased to 100,000 CHF (or equivalent) per 30 days, and it applies to the Crypto Topup as well.

What happens if I topup with a token listed in the metaverse?

Theoretically, Fiat24 only accepts USDC for the crypto topup. However, with DeFi technologies, any token can be converted into USDC through Uniswap V3 in Arbitrum if there is liquidity for this swap. So, in the case of topping up with a token other than USDC, Fiat24 initialise the swap in Uniswap and then conduct the USDC topup function.