Technical briefing by Jordan Valentine and Davis Hart
Overview of Briefing
Davis Hart starts the demo with a brief introduction to Paxos. Today we are going to see the launch Plaid did with PayPal in June 2022 and the ability for Paxos customers to enable users to deposit/withdraw crypto assets into a Paypal Account.
We start at the PayPal web UI. Davis moves into showing us how users can send and recieve digital assets. Receiving cryptocurrencies is easy with a unique QR code. We see what the transaction history looks like.
Next Davis goes into how you can send cryptocurrencies via PayPal. With the use of PayPal contacts, it is easy to import over contacts to send to. Due to PayPals security, we did not see the full transaction complete.
Davis shows us a screenshot of the conformation screen after sending funds. Davis ends his demo before transferring it over to Jordan Valentine to show us the API behind this feature.
Jordan pulls up Postman to show us the APIs that are being used. There are 3 main components: fee quotations, transmission of the withdrawal, and tracking the process of the withdrawal.
Paxos guarantees a fee rate that is held for a period of time for users, when in reality it may shift by the time the transaction completes.
We go through a transaction with the API on screen. Jordan inputs the key inputs and sends off the transaction. Fees are always deducted to the currency that is being used. This is to make sure the user experience is positive.
We move over to the list transfers API to track the status of the transaction. For this demo, we will not see the transaction go through today due to time.
Pending can mean a lot of things. Checks are being done on the compliance side, security checks for bad actors, and other various checks to insure a quality transaction.
Moving down to a completed transfer, we see the crypto transaction hash is provided.
Lastly we move to the deposit flow. Deposits are linked to end users, either through a profile or account object.
This technical briefing was a high level functionality of the service. Jordan closes out this technical briefing. Keep an eye out over the next few quarters as this feature is fine tuned based on user feedback.
Additional Briefing Information
This briefing was held at V-Sum_Seventeen on November 15, 2022. V-Sum_Seventeen was made possible by Modern Treasury, IowaEDA, and Brale