Instant Deposit and Withdrawal of crypto on Defy

Aditya Yash

Jun 7, 2022 • 2 min read

With the dawn of cryptocurrencies since the origin of Bitcoin, crypto has been treated as just an investment opportunity and not an alternative source of payment. While we have a lot of crypto experts in the market who know what to do with their crypto, a majority still don’t know what else can be done with their hodl-ed crypto.

With Defy’s Send and Receive, users are enabled to Withdraw and Deposit cryptocurrencies to their wallets, whether hardware wallets or digital wallets.

What coins can be transferred?

With Defy’s Send & Receive, users can send and receive ETH, BTC, BNB, SOL, MATIC, DOGE, TRX, XRP, XLM, LTC, USDT, USDC & BUSD. These coins have been selected for the reason that these coins are the most exchanged ones.

What can you do by depositing and withdrawing crypto?

With the new Send & Receive feature, users can transfer 13+ coins and use them to send crypto anywhere on the blockchain, whether it’s staking particular crypto or staking on a protocol. You can also buy NFTs from marketplaces like Opensea, Cryptopunks, and everywhere else. You can also transfer your crypto to your hardware ledger wallets or digital wallets like Metamask.

Best practices while depositing & withdrawing crypto:

While sending cryptocurrency, you have to keep certain things in mind. For example,

Make sure you enter the correct address while sending, blockchain transfers cannot be reversed and hence will lead to permanent loss of funds.
Make sure that the address entered supports the mentioned default chain for transfer
Make sure you are sending the amount to a legitimate wallet holder and not a fraudulent one as, unlike fiat transfers, these transactions are not reversible.

Towards a better future

Cryptocurrency, along with Web3 is the fastest-growing field of technological advancement and it’s just a matter of time before the whole world adopts it as their daily mode of utility. Sending and receiving Crypto is a huge leap in the direction of moving toward a more decentralized future.

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