Wiseramp

Wiseramp enables buying and selling crypto with a direct bank transfer, which is a payment process popular among Nigerians. An alternative process would be to use a Centralized exchange, navigate P-2-P and spot trade, or simply buy in some instances or use a blockchain wallet app; these processes both have considerable friction, locking out individuals from the benefits of the crypto economy.

In Nigeria, the leading crypto exchange charges 2% per buy/sell. Wiseramp implements a 0.5% per transaction, reducing friction and cutting costs.

Wiseramp has not only simplified this process but also unlocked access to tokens on multiple chains as users can access multiple tokens from our swap interface.

Users can also receive proceeds from selling crypto directly to their bank account.

Wiseramp is made possible by the following processes.

Fiat to Crypt Transaction:

A user makes a bank Transfer to their reserve wallet created on their first transaction request. We expose a Webhook API to receive successful payments from the provider powering our fiat wallet and process accordingly.

The necessary verification is done, and if the buy token is a stable coin, we proceed to credit the user's crypto wallet from our vault.

For ERC20 token or chain Native token, we perform a swap using 0x.

This means we only hold stable to avoid losses due to price change.

Crypto to Fiat Transaction:

A deterministic wallet smart contract address is provided to a user upon creating their first transaction.

This deterministic address is added to a watcher powered by Envio. Our watcher only scans mined blocks and not transactions in the memepool.

When a transaction is detected, necessary filtering is done to determine the backend transaction attached.

On successful balance check of the deterministic address, a smart contract wallet deployment( cloned from a factory deployment to save gas) and sweep( taking all funds from the wallet contract) is initiated in a single transaction to save cost. Subsequent process calls sweep on the deployed wallet directly. This process is run in a queue as a non-blocker.

The fiat equivalent is credited to the provided user's bank account.