This feature is in BETA.
Please note: This enhancement will be replacing the functionality to send funds directly to the address displayed in the wallet. (image below for reference of the old deposit method)
Old process: Using wallets for deposits
Previously, clients would use the Wallets section to manage deposits.
Instead of clicking "Receive" and sharing the unique address or QR code, some clients shared the wallet address (found under Wallet Details) and reused it. This method worked, however had impractical user experience:
- Deposits lacked sender information, making reconciliation and segregation nearly impossible.
- To manage funds separately, some clients created multiple wallets for the same currency, adding complexity.
New process: Transition to Channels
We’re introducing Channels as a streamlined and compliant way to handle deposits, especially for meeting Travel Rule requirements.
- Clients can now have a single wallet per currency while creating dedicated channels for each end-client or payer.
- Each channel will be associated with a specific contact, ensuring compliance and better tracking.
- Single wallet → Multiple channels
- Each channel → One associated contact
Benefits:
- Improved visibility: Easy tracking of funds across channels.
- Simplified reconciliation: Ensures deposits are clearly linked to the sender.
- Compliance ready: Meets Travel Rule requirements by associating contacts with channels.
How to directly receive crypto pay-in’s to a wallet from a contact via Channel?
To support the Travel Requirements, please create a Channel and assign a contact to the Channel to continue to be able to receive funds directly into the chosen wallet.
- Log into BVNK portal
- Navigate to Wallets section, and select the wallet you want to receive crypto pay-in into
- Click ‘Receive crypto’ tab
- Click ‘Create channel’ button
- Select the contact that will be making the pay-ins into the channel or add a new contact
- Share the Channels link with your customer or partner for crypto deposits
For more information please watch the video below.