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 BTC/ETH tokens (wBTC/wETH) on the Waves blockchain. Every single wBTC/wETH tokens is backed 1:1 with a real BTC/ETH.

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, then gateway processing them and finally sending as external BTC transaction, i.e. wBTC > Bitcoin gateway > BTC. For deposits, the process is repeating but in the opposite direction BTC > Bitcoin gateway > wBTC asset.

You will receive coins to specified address, deposits and withdrawals may takes up to 120 minutes.

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

*At the moment, there are gateways for BTC/ETH/LTC/ZCash/BCH/Dash/Monero. We are planning to integrate more payment gateways in the future.

Also, please check wallet notification

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