Manage Deposits at Scale

Overview

One of the most important processes for a business is the ability to handle deposits made by clients. To facilitate this, each client needs their own wallet for the asset they want to deposit.

This requirement applies to both scenarios: deposits made by clients from external sources and on-ramp processes such as purchasing crypto and storing it in their address. Both flows result in the creation of a new wallet for the specific user.

Businesses serving hundreds of thousands or even millions of users need to create and manage these addresses and the deposited funds in the most operationally and cost-effective ways.

In this guide, we will outline the recommended workflows for Fireblocks clients to achieve an efficient setup for processing user deposits. The topics covered include:

• Setting up the correct wallet structure for your use case
• Receiving notifications on incoming transfers
• Processing UTXO and Tag/Memo-based asset deposits
• Processing account-based asset deposits
• Best practices for generating deposit addresses
• Validating wallet balances
• Maintaining an internal ledger