We support multiple currencies, which might work differently depending on the product or feature we are offering. Currencies will have a name and a currency code.
Let's categorise them:
Fiat currencies
According to Investopedia, "Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it”.
Examples: British Pound (GBP), Euros (EUR), USA Dollar (USD), South African Rand (ZAR), etc.
Cryptocurrencies
“A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.” (Investopedia)
Examples: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), etc.
Make sure to check out our API documentation for an always up-to-date list of currencies.
Besides being categorised by crypto or fiat, at BVNK we can also categorise currencies into the following groups:
- Platform availability (or where in our products the currencies can be used)
- Deliverable or non-deliverable currencies.
Check out more details below:
Settlement
Deliverable currency
This is a currency that BVNK can hold on behalf of the merchants and merchants can use it to make deposits and withdrawals to and from an external bank account (first-party payment).
What are they?
- Check
/currency/fiatand thesupportsDeposits:TRUEflag in the payload response for fiat deliverable currencies. - Check
/currency/cryptoand thesupportsDeposits:TRUEflag in the payload response for deliverable cryptocurrencies.
Non-deliverable currency (NDC)
NDCs are “virtual” currencies that can be used in wallets or transfers. They display non-volatile balances. NDCs cannot be used for withdrawing money.
Examples: CNY, JPY, etc.
Platform availability
Merchant portal: currencies that can be used to create wallets
These can be used in the Wallets section of our products.
What are they?
Check /currency/deposit for a full list of currencies.
Speak to your account manager if the desired currency is not available in your dropdown.
Payments API: display currencies
These fiat currencies will show on an end-user's payment page. By default, they match the selected wallet's currency, but this can be changed upon a new payment creation.
What are they?
Check /currency/fiat for a full list of display currencies.
Payments API: "Pay with crypto" currencies
These are currencies that can be used by end-users to make payments to merchants.
What are they?
Check /currency/crypto and the supportsDeposits:TRUE flag in the payload response for "Pay with crypto" cryptocurrencies.
More
For BVNK Markets currencies, open What currencies are supported by BVNK Markets?