Gateway services are popular as they provide users with the ability to transfer assets between different markets.
What is a gateway?
This is a fiat to crypto gateway and will serve to facilitate the exchange of fiat to crypto and vice versa.
The fiat and crypto to be used in this service are contained within Taupemist's investment portfolio as are assets belonging to the Taupemist organisation. It is essential that the current investment objectives are maintained and this service does not operate in detriment to the organisation and it is for that reason, that the availability of assets within this gateway will fluctuate over time.
As Taupemist is a non-profit organisation, members are not required to pay any fee or profit margin.
The exchange will occur at a 1:1 conversion ratio and will not impose any expense or profit on the organisation i.e the price of TM and the value of the investment portfolio will not be affected by the use of this service.
The amounts to be exchanged should be balanced.
Asset quantities will be measured in chunks, where a chunk will represent a fixed amount of that asset.
Therefore, a member will request their desired amount per number of chunks, opposed to the regular denomination of that asset.
How does it work?
Taupemist members that hold the required level of membership and desire to exchange bitUSD for fiat or vice versa should first check the availability of chunks for their desired asset in the comment thread.
If chunks for their desired asset are available, then they can make a gateway request.
The request will receive a response within 24 hours, which will be an approval if sufficient chunks of the desired asset are indeed available.
On approval, the member should transfer their payment to Taupemist and when received, Taupemist will transfer their desired asset to the member.
What assets will be available?
BitUSD will be the only cryptocurrency available as it's a pegged to the price of fiat USD and provides the most convenience in terms of a consistent chunk value and easy to transfer/exchange to other cryptocurrencies.
As BitUSD and fiat are both denominated in USD within the portfolio and a gateway exchange always occurs at a 1:1 conversion ratio, a gateway transaction using BitUSD would not require an update to the investment portfolio.
Euro will be available as the base fiat currency, however, Transferwise will be used if the member requires an international transfer at which time the euro will be converted to their native currency.
How much of an asset do chunks contain?
How do I know what chunks are available?
The chunks available will be advertised and logged historically through the comment thread of this Steem article.
Please check back here for availability.
A notification will be announced to Taupemist members inside the Telegram channel when Taupemist updates the chunk availability.
Taupemist's chunk availability updates have a cooldown of one month meaning that at least one month must elapse between these updates
What does a gateway request look like?
Here's an example gateway request to purchase $300 BitUSD for $300 USD.
GATEWAY REQUEST ASSET: BitUSD CHUNKS: 3
Gateway requests should be posted in the comment thread of this Steem article to be legitimised and posted in the Telegram channel to advertise the request to the organisation.
Where should I send my fiat currency for the purchase?
If using Transferwise, the recipient address is: [email protected]
or if using a bank transfer, the amount should be sent to the official Taupemist organisation bank account.
The details are as follows:
IBAN: DE47 1001 1001 2628 2501 49 BIC: NTSBDEB1XXX Account Holder: Cole Morton
I've been approved to purchase 1 chunk of EUR, what are the following steps?
- Take the converted USD amount from this web page as the amount to be paid.
- Log in to your BitShares account and pay the amount to the taupemist1 account.
- Send your bank/Transferwise account info required for the transfer to Cole Morton via telegram and he will transfer 1 chunk of EUR (converted into your native currency) to your account within 24 hours.
I've been approved to purchase 1 chunk of BitUSD, what are the following steps?
- Take the converted EUR amount from this page as the amount to be paid.
- Send the amount to the Taupemist account using the account information specified above.
- Send the receipt of the payment to Cole Morton via telegram.
- Taupemist will transfer 1 chunk of BitUSD to your BitShares account within 24 hours.
If you have any questions or uncertainties, then please ask via a reply to this post.