If you are a financial institution involved in crypto transactions and need to constantly manage addresses and any associated fees, then you know just how much effort goes into this. Crypto Finance is happy to announce a solution to this recurring problem: the gas station. We are proud to showcase the success story of our first integration of this solution for BBVA Switzerland. What is the gas station and how does it work? Institutions can pay the blockchain fees of their transactions without having to account for crypto asset positions on their balance sheet. Crypto Finance and BBVA’s gas station setup will cover the fees. Step 1: Crypto Finance deposits crypto assets at BBVA’s omnibus wallets to cover blockchain fees as part of the gas station service. Step 2: Crypto Finance’s account balance at BBVA is updated for the amount deposited, e.g., in BTC or ETH.
- Assets in the gas station belong to Crypto Finance, but BBVA is authorised to deduct assets from the account to cover blockchain fees
- Crypto Finance will monitor the usage of the gas station and top up when needed
Step 3: The client may use the funds on the gas station to pay for the blockchain fees of the transactions originated from the account (e.g., daily settlements, funds segregations, etc.)
Looking to streamline and better manage your blockchain fees workflow? Request more info today to learn more.