How to Enable Your Users to Swap Over 4,500 Cryptocurrencies if Your Wallet supports one coin only?
While some crypto wallets offer their users to swap thousands of coins and tokens, others limit the choice to a couple of cryptocurrencies, and some, such as Electrum, support one selected coin, Bitcoin, in this specific case.
But the world of crypto develops and evolves. If your wallet limits your users to one or just a couple of coins, it will eventually cause your users' additional discomfort and even losses.
Why?
Because instead of swapping coins they need in the comfortable and safe environment of your crypto wallet, they will need to move to another platform, to risk their assets, and moreover, all these movements come with additional costs, such as fees of the platform where the swap is made
To start with, you can implement a swap functionality directly in your wallet.
But what if your users are Bitcoin maximalists? What if supporting several cryptocurrencies is against your vision of how a wallet shall serve its users? What if you have your own crypto and a wallet to store it, and there is no time to expand the number of supported assets? – LetsExchange has something to offer you!
Send and Depositing Funds with Conversion into the Supported Asset
What about sending and depositing any cryptocurrencies with their conversation into the asset supported by your wallet?
Let us elaborate on how it works.
Your wallet supports one coin only, say, it is Bitcoin. But what if somebody has to send funds to one of your users in crypto other than Bitcoin?
With the offered functionality, it is possible to do even though your wallet doesn’t support the crypto that will be sent.
It works as follows.
Step 1. Your user creates an invoice indicating what crypto and in which amount will be sent, and in what crypto one wants to receive it in the wallet (if your wallet supports several coins).
Step 2. Someone sends crypto to one of your wallet users.
Step 3. The crypto is converted into the coin supported by your wallet.
Step 4. After the conversion is completed, your user receives his funds in the coin supported by your wallet.
The procedure of sending funds is similar to the one of depositing funds.
Step 1. Your user creates an invoice indicating what crypto they want to send, the amount, and in what crypto it shall be converted (what crypto the recipient shall get), and the destination address.
Step 2. The crypto supported by your wallet is automatically converted into the coin selected for sending.
Step 3. The converted coin is sent to the recipient’s wallet.
Currently, LetsExchange supports over 4,500 coins and tokens. By integrating this functionality, you will enable your users to receive or send funds in all those coins with conversion into any coin that your wallet supports.
Additional Benefits of Collaborating with LetsExchange
Along with an opportunity for your users to deposit and send funds in any crypto, even the one that is not supported by your wallet, we offer the following benefits for your business.
Extensive marketing support
We include your wallet in the list of recommended services on our website. Along with it, you can count on AMA sessions with our community, reviews of your service, interviews, and other promotional activities.
User retention
User retention for your business is another benefit. With this functionality, your users won’t need to have to open an account on who knows what exchange or look for options of how to swap coins that are not supported. The functionality of sending and depositing funds with conversion will provide them more freedom in managing their funds, and your wallet will be able to keep its authenticity.
Flexible earning
Earning opportunities are practically unlimited. We offer our partners a flexible revenue share model, and each case is discussed individually.
Ease of integration
Easy integration is another benefit you can count on. While you will have to create an interface for the functionality and prepare all the flows, integrating a new flow with us is much simpler than if you were integrating it with a traditional exchange. If your wallet supports the swapping functionality, the integration becomes even easier.
Final Thoughts
The functionality that enables depositing and sending coins with their conversion into supported crypto offers your users and your business many opportunities. So what about getting in touch with us right now to discuss details?