Welcome to BPV's Stellar Free no-code anchor-in-a-box solution.
BPV is a consulting company dedicated to helping financial institutions leverage digital assets. In this presentation, we will introduce you to the concept of a Stellar anchor, guide you on how to create or select a Stellar asset, and walk you through the process of setting up a Stellar anchor using BPV's solution.
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A Stellar anchor is essentially an entity that facilitates the conversion between the traditional banking system or a blockchain and the Stellar ecosystem. The best place to understand the concept of an anchor is the Stellar.org website. Here, they refer to anchors as Stellar on and off ramps (1).
Our presentation will focus on conversions between fiat currencies and digital wallets, as well as acting as an anchor for existing assets such as the USDC stablecoin. If you are interested in using an existing asset, https://stellar.expert is a recommended resource. Just ensure to switch to the Stellar test network to explore the available assets, including the Argentinian Peso and USDC from Circle(4).
If you wish to create your own asset, Stellar.org offers a comprehensive demo on token issuance that operates on the Stellar test network (3). Alternatively, you can use Stellar Laboratory, a user-friendly platform for creating assets and performing transactions on Stellar without any programming knowledge (2). BPV also is working on an asset issuance platform via the Institutional Wallet.
For our demonstration, we'll use the USDC asset (5). Before proceeding, you need to create a testnet account. This process involves generating a key pair, funding the account with some free test lumens (the native currency of Stellar), and creating a trust line for the asset. The trust line can be established using the Albedo wallet (6)
This account acts as your hot wallet, a necessary component for setting up your Stellar anchor. A hot wallet is akin to a checking account, where all your transactions, deposits, and withdrawals take place.
Once your hot wallet is ready and you've decided on the asset to use, you are now ready to visit the Bridge Anchor in a Box Setup page (9). Input the necessary information, including the asset code and issuer, your email address, and the secret of your hot wallet. Depending on your location, you might also need to provide your bank details.
Following successful payment, you'll receive an email confirming the deployment of your Anchor-in-a-Box. The email contains necessary details such as the URL for the server, your login credentials, and a link to your toml file, a crucial element that allows different wallets to discover and connect to your anchor.
The email contains the server dashboard url, the asset you are anchoring. your hot wallet and and confirm the activation of SEP-24, which facilitates Anchor to-wallet transactions. This configuration enables you to operate effectively as a Stellar anchor.
Remember, Stellar anchors are pivotal in ensuring the seamless conversion between traditional banking systems or blockchains and the Stellar ecosystem. Whether you choose to use an existing asset or issue your own, BPV's Anchor-in-a-Box software offers a streamlined, efficient solution for setting up a Stellar anchor.
Let's take a closer look at a pre-existing system where we have set up two assets, a mutual fund and BPV. We've also established off-chain assets including US dollars, euros, and Nigerian Naira. Exchange rates have been set up for various pairings, such as a rate of 301 for BPP to the Naira, along with a 2% markup fee.
This interface displays completed transactions, showing details like the paid and received amounts, and the method of payment, such as bank transfers. You will also see pending transactions, displaying their origin (whether from SEP 24, SEP 6, or SEP 31), customer information, and collected KYC data.
Our system supports both manual and automated KYC processes. For automated KYC, we utilize providers such as Passbase for liveness tests and ID verification, though the required process will depend on your jurisdiction. Transactions can be examined in detail, including KYC information, rate of exchange, and other pertinent details.
Once funds have been confirmed as received, you can process payouts to the specified bank account. Input the banking reference, specify the estimated payout time, and mark it as 'funds sent to the customer'. If necessary, transactions can also be canceled. Once marked as complete, it typically takes about 30 seconds to a minute for the payment to be registered as paid in the system.
Remember, all of these transactions and their details are accessible through our API, facilitating seamless integration with your existing systems.
Thank you for your time and attention during this demonstration of the BP Ventures' Anchor-in-a-Box solution. If you have any questions or need further assistance, please don't hesitate to reach out to us at firstname.lastname@example.org. We wish you great success in your ventures using the Stellar Anchor-in-a-Box
Thank you for joining us in this journey towards leveraging Stellar's powerful blockchain capabilities.
What is a Stellar Anchor (on/off ramp):
Anchoring USDC on testnet: