What is a payment gateway and how does it work?

What is a payment gateway?

Waves allows you to hold and transfer external currencies on its blockchain. This works through an established centralised Coinomat gateway: Bitcoins or any supported external coins are sent to a user's personal Waves address via standard transfer and after the deposit user receives Waves tokens (wBTC,wETH) issued in the Waves blockchain. Every single gateway tokens are backed 1:1 with the real external coins.

*At the moment, there are gateways for BTC/ETH/LTC/ZCash/BCH/Dash/Monero.

How does it work?

After creating withdrawal request, Bitcoins or any other supported external coins are transferred to the gateway side as wBTC (Waves BTC) tokens via Waves network, then Coinomat gateway processing them and finally sending as external BTC transaction, i.e. wBTC > Waves network > Coinomat gateway > BTC. For deposits, the process is repeating but in the opposite direction BTC > Coinomat gateway > Waves network > wBTC asset.

You will receive coins to specified address. Cryptocurrency transfers may takes up to 120 minutes.

Warning: The gateway transactions are always processing only with the payment address: 3PAs2qSeUAfgqSKS8LpZPKGYEjJKcud9Djr

Also, please check wallet notification

For more information please contact gateway support team [email protected]

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